Minimum application rule limiting treated donations; new compliance deadlines and registration rules for charitable trusts.
Amendments require trusts to meet a minimum application requirement of income for charitable purposes, permit an option to apply shortfalls in a subsequent previous year subject to timely filing of the prescribed form, and move key filing deadlines earlier. Corpus deposits repaid within a specified multi year period and subject to conditions will count as applications; donations to other exempt trusts are partly disallowed for application computation. Registration timing, provisional versus fixed term registration, belated return treatment for exemption, removal of certain transitional registration benefits, and grounds for cancellation for false or incomplete application information have been revised. (AI Summary)