Jun 06, 2022 Circulars & Notifications Attachment Link
The Finance Act, 2022 has outlined specified violations for cancellation of 12A registration, if separate books of account are not maintained for the incidental business activities
The Finance Act, 2022 has outlined certain “specified violations” which may lead to the cancellation of 12A registration. One of the conditions is that:
- The organization has earned Income from the profits & gains of the business that is not incidental to the attainment of its objectives, or
- Separate books of account have not been maintained for the business which is incidental to the attainment of its objectives.