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Conditions
as to registration of trusts, etc.
The provisions of section 11 and section
12 shall not apply in relation to the income of any trust or
institution unless the following conditions are fulfilled, namely:-
(a) the person in receipt of the income has made an application for
registration of the trust or institution in the prescribed form and in
the prescribed manner to the Commissioner before the 1st day of July,
1973, or before the expiry of a period of one year from the date of the
creation of the trust or the establishment of the institution, whichever
is later and such trust or institution is registered under section
12A:
Provided that where an application for registration of the trust or
institution is made after the expiry of the period aforesaid,
the provisions of section 11
and section 12 shall apply in
relation to the income of such trust or institution -
(i) from the date of the creation of the trust or the establishment of
the institution if the Commissioner is, for reasons to be recorded in
writing, satisfied that the person in receipt of the income was
prevented from making the application before the expiry of the period
aforesaid for sufficient reasons;
(ii) from the 1st day of the financial year in which the application is
made, if the Commissioner is not so satisfied;
(b)
where the total income of the trust or institution as computed under
this Act without giving effect to the provisions of section
11 and section 12 exceeds
fifty thousand rupees in any previous year, the accounts of the trust or
institution for that year have been audited by an accountant as defined
in the Explanation below sub-section (2) of section
288 and the person in receipt of the income furnishes along with
the return of income for the relevant assessment year the report of such
audit in the prescribed form duly signed and verified by such accountant
and setting forth such particulars as may be prescribed.
APPLICATION FORM FOR 12A |
