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of <h1>Finance Bill 2023: Amendments for Trusts u/s 12AB and 10(23C) to Address Specified Violations and Registration Issues.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose amendments to address specified violations under section 12AB and the fifteenth proviso to clause (23C) of section 10 of the Act. The amendments require new trusts to apply for provisional registration valid for three years or until six months from commencement of activities. Existing trusts must re-register using form 10A. The process is automated, but defective applications have been approved. To rectify this, new clauses will categorize incomplete or false applications as 'specified violations,' allowing for cancellation of registration. These changes take effect from April 1, 2023.
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