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Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024
A trust or institution desirous of seeking registration under section 12AB is inter alia required to apply within timelines specified in clause (ac) of sub-section (1) of section 12A.
2. It has been noted that at times trusts or institutions are unable to file application within specified timelines. In case a trust or institution is unable to apply within time specified, it may become liable to tax on accreted income as per provisions of Chapter XII-EB of the Act. A situation of permanent exit of trust or institution from the exemption regime may also arise.
3. It is proposed that the Principal Commissioner/ Commissioner may be enabled to condone the delay in filing application and treat such application as filed within time. The delay may be condoned if he considers that there is a reasonable cause for the same.
4. These amendments will take effect from the 1st day of October, 2024.
[Clause 6]
Full Text:
Condonation of delay in registration applications allows authorities to treat late charitable registration filings as timely if reasonable cause exists. The amendment authorises the Principal Commissioner or Commissioner to condone delay in filing registration applications by trusts and institutions and to treat such applications as filed within time if satisfied there is a reasonable cause for the delay. This power is intended to avert tax liability on accreted income or permanent exit from the exemption regime and takes effect from 1 October 2024. of Press 'Enter' after typing page number.
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