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of <h1>Tax Exemptions for Charitable Trusts: Key Conditions & Registration Under Sections 12AA and 12AB of the Income Tax Act.</h1> Sections 11 and 12 of the Income Tax Act provide tax exemptions for the income of charitable or religious trusts if specific conditions are met. Trusts must apply for registration under section 12AA before certain deadlines, with provisions for late applications if justified. Post-2021, registrations are governed by section 12AB. Trusts must maintain audited accounts if their income exceeds tax-exempt limits, with audit reports submitted in prescribed forms. Exemptions apply from the year of application, with some retrospective benefits. Trusts must file returns using ITR 7, and exemptions are not available if previous registration applications were rejected or canceled.
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