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of <h1>Union Budget 2023-24: Streamlined Trust Registration Process with New Provisions Effective October 1, 2023.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose amendments to streamline the registration process for trusts and institutions under various tax regimes. New provisions require trusts to apply for provisional registration at least one month before the relevant assessment year, valid for three years, and regular registration six months prior to expiry, valid for five years. Challenges faced include inability to secure exemptions for newly formed entities and dual registration requirements. Proposed changes aim to allow direct final registration for entities that have commenced activities, with applications reviewed by tax authorities to ensure compliance, effective from October 1, 2023.
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