{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/"},"unit":"section","section":{"number":"8","heading":"Insertion of new section 12AC","text":"Insertion of new section 12AC. 8. After section 12AB of the Income-tax Act, the following section shall be Inserted with effect from the 1st day of April, 2025, namely:— \"12AC. Merger of charitable trusts or institutions in certain cases - Where any trust or institution registered under section 12AB or approved under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, as the case may be, merges with another trust or institution, the provisions of Chapter XII-EB shall not apply if— (a) | the other trust or institution has same or similar objects; (b) | the other trust or institution is registered under section 12AA or section 12AB or approved under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, as the case may be; and (c) | the said merger fulfils such conditions as may be prescribed.\".","html":"<p><b>Insertion of new section 12AC.</b></p><p><b>8.</b> After section 12AB of the Income-tax Act, the following section shall be Inserted with effect from the 1st day of April, 2025, namely:—</p><p>\"12AC. <i>Merger of charitable trusts or institutions in certain cases - </i>Where any trust or institution registered under section 12AB or approved under sub-clause (<i>iv</i>) or sub-clause (<i>v</i>) or sub-clause (<i>vi</i>) or sub-clause (<i>via</i>) of clause (<i>23C</i>) of section 10, as the case may be, merges with another trust or institution, the provisions of Chapter XII-EB shall not apply if—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>the other trust or institution has same or similar objects;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>the other trust or institution is registered under section 12AA or section 12AB or approved under sub-clause (<i>iv</i>) or sub-clause (<i>v</i>) or sub-clause (<i>vi</i>) or sub-clause (<i>via</i>) of clause (<i>23C</i>) of section 10, as the case may be; and</td></tr><tr><td>(<i>c</i>)</td><td></td><td>the said merger fulfils such conditions as may be prescribed.\".</td></tr></table></div>","words":154,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/8/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}