Economy News

Donor disclosure rules are strengthened for trusts – Mintpaisa

Charitable, religious and educational trusts will now have to provide additional information with their tax returns, including the name, address and permanent account numbers of donors who donate more than ₹2 lakh a day, according to a notification from Central Board of Direct Taxes.

These entities will also be required to provide an undertaking that the activities undertaken by them were charitable, religious, or religious-cum-charitable in nature. The CBDT has also refined the format of the commitment to be given according to the latest rules which will come into force from October 1st.

The government recently revamped the registration framework for charities, to apply for tax exemption or obtain an 80G certificate under the law.

The latest rules state that new trusts or institutions must apply for provisional registration, at least one month before the start of the year from which said registration is requested.


Source link

Leave a Reply

error: Content is protected !!