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Insertion of new Chapter XII-EB.

Section 62 - Acts - DIRECT TAXES - FINANCE ACT, 2016 - Section 62 - 62. After Chapter XII-EA of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of June, 2016, namely:- CHAPTER XII-EB SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF CERTAIN TRUSTS AND INSTITUTIONS Tax on accreted income 115TD. (1) Notwithstanding anything contained in this Act, where in any previous year, a trust or institution registered under section 12AA has- (a) converted into .....

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use (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within a period of twelve months from the end of the month in which the dissolution takes place, then, in addition to the income-tax chargeable in respect of the total income of such trust or institution, the accreted income of the trust or the institution as on the specified date shall be charged to tax and such trust or institution, as the case may be, shall be liable to pay additional income-tax ( .....

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llowing asset and liability, if any, related to such asset shall be ignored for the purposes of subsection (1), namely:- (i) any asset which is established to have been directly acquired by the trust or institution out of its income of the nature referred to in clause (1) of section 10; (ii) any asset acquired by the trust or institution during the period beginning from the date of its creation or establishment and ending on the date from which the registration under section 12AA became efective .....

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med to have become effective from the first day of the earliest previous year: Provided also that while computing the accreted income in respect of a case referred to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to any other trust or institution registered under section 12AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in su .....

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which do not conform to the conditions of registration and it,- (a) has not applied for fresh registration under section 12AA in the said previous year; or (b) has filed application for fresh registration under section 12AA but the said application has been rejected. (4) Notwithstanding that no income-tax is payable by a trust or the institution on its total income computed in accordance with the provisions of this Act, the tax on the accreted income under sub-section (1) shall be payable by su .....

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, confirming the cancellation of the registration, is received by the trust or institution, in a case referred to in clause (i) of sub-section (3); (ii) the end of the previous year in a case referred to in sub-clause (a) of clause (ii) of sub-section (3); (iii) the date on which,- (a) the period for filing appeal under section 253 against the order rejecting the application expires and no appeal has been filed by the trust or the institution; or (b) the order in any appeal, confirming the cance .....

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shall be claimed by the trust or the institution or by any other person in respect of the amount of tax so paid. (7) No deduction under any other provision of this Act shall be allowed to the trust or the institution or any other person in respect of the income which has been charged to tax under sub-section (1) or the tax thereon. Explanation.-For the purposes of this section,- (i) date of conversion means,- (a) the date of the order cancelling the registration under section 12AA, in a case re .....

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