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of <h1>Trusts Must Choose Between Section 11/12 and Section 10(23C) Exemptions; Section 10 Exemptions Limited by Section 11(7)</h1> Exemptions under section 10 of the Income Tax Act are limited to specific subsections such as 10(1), 10(23C), 10(23EC), 10(46), and 10(46A), as per section 11(7). Trusts or institutions with registration under sections 12AA or 12AB cannot claim exemptions under other section 10 provisions, except for agricultural income. From June 1, 2020, registration for section 11 exemptions becomes inoperative when approved under section 10(23C) or related clauses. Trusts can reactivate their registration under section 12AA or 12AB, but this nullifies any section 10(23C) exemptions. Trusts must choose between exemptions under sections 11/12 or 10(23C).
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