The income tax department in India has announced changes to disclosure norms for charitable institutions claiming I-T exemption. As of October 1, charitable institutions will have to disclose whether their activities are charitable, religious or religious cum charitable. The amendment also requires organisations to give additional details of donations received in excess of Rs 2 lakh in a single day, including the name of the payer, their address, the payment amount, and PAN (if available). Under Indian Income Tax law, income from charitable institutions, religious trusts and medical and educational institutions is legally tax exempt. However, these organisations must first seek registration with the I-T department.
I-T Department Modifies Disclosure Rules for Charitable Organizations
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