Cancellation of registration removes tax exemption and subjects charitable trusts to normal income taxation and related liabilities. Cancellation of registration of a charitable or religious trust leads to loss of exemption and subjects the trust to normal income tax computation; donations to individuals above the prescribed threshold may be treated as the recipient's taxable income; prior approvals or concessions may be revoked; and an accreted tax liability can arise, affecting the trust's fiscal treatment and donor benefits.