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of <h1>Finance Bill 2022: New Taxation Rules for Trusts, Introducing Section 115BBI. Effective April 1, 2023.</h1> The Finance Bill 2022 proposes amendments to the taxation of certain incomes for trusts or institutions under two regimes. Trusts must not pass unreasonable benefits to trustees or specified persons; violations lead to loss of exemptions. Trusts must maintain funds in specified modes, and apply at least 85% of their income annually, with provisions for accumulation. Amendments include taxing income applied in violation of provisions at a special rate, and introducing a new section, 115BBI, for specified income taxation. The changes are effective from April 1, 2023, applicable to the assessment year 2023-24 onwards.
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