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of <h1>Union Budget 2023-24: Amendments to Deny Tax Exemptions for Late Income Tax Returns by Trusts u/s 139.</h1> The Union Budget 2023-24 and Finance Bill, 2023 propose amendments to deny tax exemptions to trusts or institutions if they fail to file their income returns within the specified time under section 139 of the Income Tax Act. The amendments target provisions under section 10 and section 12A, ensuring that exemptions under sections 11, 12, and specific sub-clauses of section 10 are only available if returns are timely filed. These changes aim to prevent unintended exemptions from updated returns filed beyond the prescribed period and will be effective from April 1, 2023, applicable to the assessment year 2023-24 onwards.
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