India - Income Tax Act 2010 - Saarc

1.135 CH. III - INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME S. 12AAthe Explanation below sub-section (2) of section 288 and the personin receipt of the income furnishes along with the return of income forthe relevant assessment year the report of such audit in the prescribedform 18 duly signed and verified by such accountant and settingforth such particulars as may be prescribed.](c) 19 [***]20[(2) Where an application has been made on or after the 1st day of June, 2007,the provisions of sections 11 and 12 shall apply in relation to the income of suchtrust or institution from the assessment year immediately following the financialyear in which such application is made.]21[Procedure for registration.12AA. (1) The 22 [***] Commissioner, on receipt of an application for registrationof a trust or institution made under clause (a) 20 [or clause (aa) of subsection(1)] of section 12A, shall—(a) call for such documents or information from the trust or institutionas he thinks necessary in order to satisfy himself about the genuinenessof activities of the trust or institution and may also make suchinquiries as he may deem necessary in this behalf; and(b) after satisfying himself about the objects of the trust or institution andthe genuineness of its activities, he—(i) shall pass an order in writing registering the trust or institution;(ii) shall, if he is not so satisfied, pass an order in writing refusing toregister the trust or institution,and a copy of such order shall be sent to the applicant :Provided that no order under sub-clause (ii) shall be passed unless the applicanthas been given a reasonable opportunity of being heard.23[(1A) All applications, pending before the Chief Commissioner on which noorder has been passed under clause (b) of sub-section (1) before the 1st day ofJune, 1999, shall stand transferred on that day to the Commissioner and the18. See rule 17B and Form No. 10B for audit report in case of trust/institution. Rule 12provides that the return of income shall not be accompanied by any document or copy ofany account or form or report of audit required to be attached with return of incomeunder any of the provisions of the Act.19. Omitted by the Finance Act, 2002, w.e.f. 1-4-2002. Prior to its omission, clause (c) as insertedby the Finance Act, 2001, w.e.f. 1-4-2002, read as under :“(c) where the total income of the trust or institution as computed under this Actwithout giving effect to the provisions of sections 11 and 12 exceeds one crorerupees in any previous year, the trust or institution—(i) publishes its accounts in a local newspaper, before the due date for furnishingthe return of income under sub-section (4A) of section 139; and(ii) furnishes a copy of such newspaper along with such return.”20. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007.21. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.22. Words “Chief Commissioner or” omitted by the Finance Act, 1999, w.e.f. 1-6-1999. Earlierthe quoted words were inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997.23. Inserted by the Finance Act, 1999, w.e.f. 1-6-1999.