Money Act, 2020 made sweeping variations regarding arrangements regarding Trusts and NGOs declaring exemption u/s 11 or u/s 12 of the Income Tax work, 1961. These amendments become connected with enrollment treatment of all the current authorized trusts under area 12AB , revival of subscription, endorsement for deduction u/s 80G and furnishing report of donations received on the Income Tax government are among the recognized types.
Introduction
Acknowledging the significant part played of the non-profit establishments into the culture, the earnings of the institutions is fully excused from taxation. Continue reading “Part 12AB: Amendments in Procedure for subscription of charity Trusts and NGOs.”