Following section 12AC shall be inserted after section 12AB by the Finance (No. 2) Act, 2024, w.e.f. 1-4-2025: 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.
