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of <h1>Finance Bill 2022 introduces Section 271AAE, imposing penalties on trusts for unreasonable benefits to trustees, effective April 2023.</h1> The Finance Bill 2022 proposes a new section 271AAE to impose penalties on trusts or institutions that pass unreasonable benefits to trustees or specified persons, violating section 13 of the Act. For a first-time violation, the penalty equals the income applied for such benefits, and for repeated violations, it doubles. This applies to both regimes under the Act. The penalties are additional to any other applicable penalties under Chapter XXI. These amendments are effective from April 1, 2023, applicable for the assessment year 2023-24 and onwards.
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