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of <h1>Finance Bill 2022 amends section 10(23C) to require trust approval applications be filed with Principal Commissioner.</h1> The Finance Bill, 2022 introduces amendments to section 10, clause (23C) of the Act, effective April 1, 2022. Previously, applications for trust approval were submitted to a prescribed authority. The amendments, originating from the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, now require these applications to be filed with the jurisdictional Principal Commissioner or Commissioner. The proposed changes aim to replace references to the prescribed authority with the Principal Commissioner or Commissioner in specific sub-clauses and provisos of section 10, clause (23C).
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