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News INCOME TAX

  • May 25, 2023
  • Exit tax norms: Relief for charitable trusts

    In a significant relief to charitable and religious trusts, the Central Board of Direct Taxes (CBDT) said on Wednesday that they can now apply for registration and approval to avail income tax exemption until September 30 this year.

    The Finance Act, 2023 had amended the Income Tax Act to provide that the accreted income of the trusts that had not applied for registration or approval, within the specified time, would be liable to tax. The amendment came into effect from April 1 this year and applies to assessment year 2023-24 and subsequent ones.