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of <h1>Income Tax Act Amendments: Trust Exemption Certificates Valid for One Year, Renewable Every Three Years with Compliance Audit.</h1> The circular outlines amendments to sections 11 to 13 of the Income Tax Act, 1961, following the Finance Act 1970. It mandates that exemption certificates for trusts be initially valid for one assessment year. Upon satisfactory account scrutiny, these can be renewed for three years, with further renewals every three years, contingent on compliance with sections 11 to 13. To prevent violations of section 13, particularly sub-clause (ii) of clause (c) of sub-section 9(1), trusts must submit an auditor's certificate confirming compliance with section 13(1)(c) for exemption certificate renewals.
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