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of <h1>Finance Act 1970 Alters Trust Exemptions; CBDT Centralizes Cases for Review, Urges Timely Refunds and Exemptions.</h1> The Finance Act of 1970 introduced significant changes to the exemptions available to trusts under sections 11 and 12 of the Income Tax Act, 1961. As a result, all trust cases require careful scrutiny, including those previously granted exemptions. The Central Board of Direct Taxes (CBDT) instructs that such cases be centralized under specific officers, with senior Income Tax Officers (ITOs) in charge in regions like Uttar Pradesh, Punjab, and Madhya Pradesh. It is emphasized that while thorough examination is necessary, there should be no undue delay in issuing refunds or exemption orders under section 80G. The Commissioners of Income Tax (CsIT) are instructed to implement these directives immediately.
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