The Law And Procedure Of Taxation Of Charitable Trusts
The Income-tax department has released a publication titled "Assessment of Charitable Trusts and Institutions". The publication explains the legal provisions and the procedural requirements for claiming exemption under the Income-tax Act, 1961 for charitable activities. Apart from explaining the concept of 'Charitable Purposes', the publication deals with the procedure for registration, assessment, denial of exemptions, incentives given to the donors of the trust etc. The publication also deals with important issues in a FAQ format. All amendments made by the Finance Act, 2012 are incorporated in the publication. The forms which have to be used by the assessees in order to avail of the benefit of various provisions are compiled as Annexures to the publication.
The publication will prove very useful for all taxpayers and tax professionals.
Regards,
Editor,
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