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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2022: New Rules for Trusts' Tax Exemptions, Application Process, and Registration Cancellation Criteria.</h1> The Finance Bill 2022 proposes amendments to the process of registration and approval of trusts and institutions, focusing on preventing non-genuine entities from receiving tax exemptions. Key changes include shifting the application process to the Principal Commissioner or Commissioner and introducing a defined timeframe for decisions on registration cancellations. The Bill also specifies violations that could lead to cancellation, such as misuse of income or non-compliance with objectives. Furthermore, it outlines procedures for addressing violations, including inquiries and orders for registration cancellation or retention. These amendments aim to enhance oversight and ensure compliance with tax regulations, effective from April 1, 2022.
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