India - Income Tax Act 2010 - Saarc

S. 12A I.T. ACT, 1961 1.134the prescribed manner to the 9 [***] Commissioner before the 1st dayof July, 1973, or before the expiry of a period of one year from the dateof the creation of the trust or the establishment of the institution,10[whichever is later and such trust or institution is registered undersection 12AA] :11[Provided that where an application for registration of the trust orinstitution is made after the expiry of the period aforesaid, theprovisions of sections 11 and 12 shall apply in relation to the incomeof such trust or institution,—(i) from the date of the creation of the trust or the establishment ofthe institution if the 12 [***] Commissioner is, for reasons to berecorded in writing, satisfied that the person in receipt of theincome was prevented from making the application before theexpiry of the period 13 aforesaid for sufficient reasons;(ii) from the 1st day of the financial year in which the application ismade, if the 14 [***] Commissioner is not so satisfied:]15[Provided further that the provisions of this clause shall not apply inrelation to any application made on or after the 1st day of June, 2007;]15[(aa) the person in receipt of the income has made an application forregistration of the trust or institution on or after the 1st day of June,2007 in the prescribed form 16 and manner to the Commissioner andsuch trust or institution is registered under section 12AA;](b) where the total income of the trust or institution as computed underthis Act without giving effect to 17 [the provisions of section 11 andsection 12 exceeds the maximum amount which is not chargeable toincome-tax in any previous year], the accounts of the trust or institutionfor that year have been audited by an accountant as defined in9. Words “Chief Commissioner or” omitted by the Finance Act, 1999, w.e.f. 1-6-1999. Earlierthe quoted words were inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.10. Substituted for “whichever is later” by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.11. Substituted for the following by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991:“Provided that the Chief Commissioner or Commissioner may, in his discretion, admit anapplication for the registration of any trust or institution after the expiry of the periodaforesaid;”12. Words “Chief Commissioner or” omitted by the Finance Act, 1999, w.e.f. 1-6-1999. Earlierthe quoted words were inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.13. For the meaning of the expression “before the expiry of the period”, see Taxmann’s DirectTaxes Manual, Vol. 3.14. Words “Chief Commissioner or” omitted by the Finance Act, 1999, w.e.f. 1-6-1999. Earlierthe quoted words were inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.15. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007.16. See rule 17A and Form No. 10A. See also footnote No. 8 on page 1.133 ante.17. Substituted for “the provisions of section 11 and section 12 exceeds fifty thousand rupeesin any previous year” by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006.Earlier the quoted words were amended by the Finance Act, 1994, w.e.f. 1-4-1995.