In order to widen the scope of Section 115TD, the words “trust or institution” have been substituted by “specified person” in Rule 17CB vide notification no. G.S.R. 647(E) dated 22.08.2022 issued by CBDT. The term “specified person” means:
(a) 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; or
(b) a trust or institution registered under section 12AA or section 12AB
Section 115TD lays down the provisions for the tax liability on accredited income on the specified date in addition to the income tax payable on the total income. Previously, the corresponding income tax rules made mention of only the Trust or Institution registered under Section 12AA or Section 12AB for the purpose of applying the provisions concerning the income tax liability on accredited income. However, the aforementioned notification has widened the scope such that the provisions concerning the tax liability of accredited income will now no longer cover only the trust or institution registered under section 12AA or section 12AB but will also bring within its ambit 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.(Visited 68 times, 1 visits today)
