News

As per Finance Act of 2023, donations made by a trust or institution are only recognized as applications for charitable or religious purposes up to 85% of the amount donated.

CBDT clarifies provisions under Finance Act 2023 relating to Donations made by a Trust/ Institution to another Trust/ Institution

Circulars

IT Department has clarified that eligible Donations made by a Trust to another Trust are treated as Applications only to the extent of 85% via issuing a Circular.

IT Clarifies eligible Donations made by Trust to another Trust treated as Application only to extent of 85%

Change in TAR notified for MSME 45 Days Payment Rule: Is it a hint for Non-deferment?

The government will impose a rule in FY25 mandating payments to MSMEs to be made within 45 days, failing which corporations will be required to pay tax on the amount due.

No Relief in MSME Rule you must have to make Payment within 45 days

Notifications

The CBDT notified amendments to Income Tax Form 3CD, Form 3CEB and Form 65 for FY 2023–24.

CBDT notifies amendment in Income Tax Form 3CD (TAR), 3CEB and 65 for FY 2023-24

CBDThas discovered that in a number of cases, trusts and institutions provided audit reports in Form 10B, although Form 10BB was required for the FY 2023-24.

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CBDT clarifies provisions under Finance Act 2023 relating to Donations made by a Trust/ Institution to another Trust/ Institution

IT Clarifies eligible Donations made by Trust to another Trust treated as Application only to extent of 85%

Change in TAR notified for MSME 45 Days Payment Rule: Is it a hint for Non-deferment?

No Relief in MSME Rule you must have to make Payment within 45 days

CBDT notifies amendment in Income Tax Form 3CD (TAR), 3CEB and 65 for FY 2023-24

CBDT allows Trusts / Institutions to furnish Audit Report in Form 10B/10BB on or before 31st March 2024