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of <h1>Finance Bill 2022 clarifies tax rules for trusts with denied exemptions, effective April 2023 for assessment year 2023-24.</h1> The Finance Bill 2022 introduces amendments to clarify tax computation for trusts and institutions when exemptions are denied due to non-compliance with specified conditions. These changes include provisions for allowing certain expenditures in computing taxable income, provided they are not from the corpus, loans, or donations, and do not involve depreciation claims on previously claimed assets. The amendments apply to both regimes governing trusts and institutions, ensuring consistent application of the law. These changes are effective from April 1, 2023, and will be applicable for the assessment year 2023-24 onwards.
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