Exit Tax u/s. 115TD : If fails to make application for Reregistration/Renewal/Provisional to regular registration

Current Position:

As per the new registration requirement –

 Every existing registered organisation u/s. 12A / 12AA need to re-register

 The re-registration shall be valid for 5 years & thereafter this gain to be renewed

 Once the provisional registration is granted, one needs to apply for normal registration

Proposed Amendment [From 1st April 2023]:

 As per the proposed amendment where application are not made for any of the above situation, then the organization shall be deemed to have been converted into any form not eligible for registration or approval in a previous year, u/s.115TD of the Income Tax Act, 1961 and shall be subject to Exit Tax

 It is also provided that date of deemed conversion shall mean the last date for making an application for registration