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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
When a trust or institution which is approved / registered under the first or second regime, as the case may be merges with another approved / registered entity under either regime, it may attract the provisions of Chapter XII-EB, relating to tax on accreted income in certain circumstances.
2. It is proposed that conditions under which the said merger shall not attract provisions of Chapter XII-EB, may be prescribed, to provide greater clarity and certainty to taxpayers. A new section 12AC is proposed to be inserted for this purpose.
3. These amendments will take effect from the 1st day of April, 2025.
[Clause 8]
Full Text:
Merger of trusts may trigger tax on accreted income; proposed conditions aim to exempt qualifying mergers and clarify compliance. Proposal: mergers of approved or registered charitable trusts and institutions may attract the tax on accreted income; a new statutory provision will prescribe conditions under which such mergers will not attract the accreted-income regime, specifying qualifying non-attraction safeguards for mergers between entities across the two approval/registration regimes. The amendments are to apply prospectively from the notified commencement date of the finance measures. of Press 'Enter' after typing page number.
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