Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
The CBDT has issued a circular which addresses conditions under which income from specific funds, trusts, institutions, universities, educational, or medical institutions can enjoy tax exemption under the Income-tax Act, 1961. It outlines that at least 85% of such entities' income must be used for charitable or religious purposes, directly or through donations to similar entities. Amendments by the Finance Act 2023 clarify that only 85% of eligible donations are considered for charitable or religious application, with the balance 15% not needing to be invested per section 11(5) for exemption eligibility.
The CBDT has issued a circular which addresses conditions under which income from specific funds, trusts, institutions, universities, educational, or medical institutions can enjoy tax exemption under the Income-tax Act, 1961. It outlines that at least 85% of such entities' income must be used for charitable or religious purposes, directly or through donations to similar entities. Amendments by the Finance Act 2023 clarify that only 85% of eligible donations are considered for charitable or religious application, with the balance 15% not needing to be invested per section 11(5) for exemption eligibility.
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