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of <h1>Finance Bill 2022: Aligning Tax Exemption Rules for Trusts and Institutions, Effective April 2023.</h1> The Finance Bill 2022 proposes amendments to align the provisions of two tax exemption regimes for trusts and institutions. Currently, trusts must apply 85% of their income annually, with a five-year accumulation allowance. The new amendments aim to harmonize the conditions for income accumulation and taxation between the two regimes. Key changes include specifying conditions for income accumulation, tax implications for unutilized income, and allowing for exceptions under certain circumstances. These amendments will take effect from April 1, 2023, impacting the assessment year 2023-24 and beyond.
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