12A. Conditions for
applicability of sections 11 and 12.- (1) 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 12AA
:
Provided that where an application for registration of the
trust or institution is made after the expiry of the period
aforesaid, the provisions of sections 11 and 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:
Provided further that the provisions of this clause shall
not apply in relation to any application made on or after
the 1st day of June, 2007;
(aa) the person in receipt of the income has made an application
for registration of the trust or institution on or after the
1st day of June, 2007 in the prescribed form and manner to
the Commissioner and such trust or institution is registered
under section 12AA;
(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 the maximum amount which
is not chargeable to income-tax 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 pres-cribed
form duly signed and verified by such accountant and setting
forth such particulars as may be prescribed.
(c) omitted
(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 such trust or institution
from the assessment year immediately following the financial
year in which such application is made.
|
