There are two regimes for trusts, funds, or institutions to...

There are two regimes for trusts, funds, or institutions to claim exemption. The first regime is under sub-clauses (iv), (v), (vi), or (via) of clause (23C) of section 10. The second regime is u/ss 11 to 13. To simplify procedures and reduce administrative burden, the first regime will be phased out gradually. Applications for approval under the first regime filed on or after October 1, 2024, will not be considered. Pending applications before that date will be processed under the first regime. Approved entities will continue to receive exemption under the first regime until the validity period. They can subsequently apply for registration under the second regime. Certain eligible investment modes under the first regime will be protected in the second regime through amendments to section 13. These changes will take effect from October 1, 2024.

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