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of <h1>Amendment to Income-tax Act Limits Charitable Status for Entities Engaged in Business; Affects Industry and Trade Associations.</h1> Section 2(15) of the Income-tax Act, 1961, defines charitable purposes to include relief of the poor, education, medical relief, and the advancement of other objects of general public utility. An amendment introduced by the Finance Act, 2008, specifies that entities engaged in trade, commerce, or business activities cannot claim charitable status under the fourth category. This does not affect entities focused on poverty relief, education, or medical relief, even if they conduct incidental commercial activities, provided they maintain separate accounts and the business is incidental to their objectives. Industry and trade associations claiming mutuality must restrict activities to members to retain tax exemption.
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