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Tax on accreted income

Section 115TD - SPECIAL PROVISIONS RELATING TO OF CERTAIN TRUSTS AND INSTITUTIONS - Income Tax - Section 115TD - 1[ 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 any form which is not eligible for grant of registration under section 12AA; (b) merged with any entity other than an entity which is a trust or institution having objects similar to it and registered under section 12AA; .....

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ncome-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 (herein referred to as ) at the maximum marginal rate on the accreted income. (2) The accreted income for the purposes of sub-section (1) means the amount by which the aggregate fair market value of the total assets of th .....

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ture 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, if the trust or institution has not been allowed any benefit of sections 11 and 12 during the said period: Provided further that where due to the first proviso to sub-section (2) of section 12A, the benefit of sections 11 and 12 have been a .....

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o 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 sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within the period specified in the said clause, shall be ignored. (3) For the purposes of sub-section (1), a trust or an institution shall b .....

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ication 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 such trust or the institution. (5) The principal officer or the trustee of the trust or the institution, as the case may be, and the trust or the institution shall also be liable to pay the to the credit of the Central Government within fourtee .....

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