TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>New Trust Rules: Re-register by Nov 25, 2022, or Face Exit Tax on Accreted Income from April 2023.</h1> The Union Budget 2023-24 and Finance Bill, 2023, introduce amendments affecting trusts and institutions. Existing trusts must apply for re-registration by November 25, 2022, and new trusts must seek provisional registration before the relevant assessment year. Trusts failing to re-register face exit tax on accreted income, calculated as the difference between asset fair market value and liabilities. The Finance Act, 2016, and subsequent amendments impose this tax when trusts convert to non-charitable entities or merge with dissimilar organizations. The amendments, effective April 1, 2023, extend these provisions to all trusts, ensuring tax compliance and preventing misuse of exemptions.
TaxTMI 
TaxTMI 