Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...
Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...
The proposal introduces provisions to rationalize the merger of trusts or institutions approved/registered under charitable trust regimes. When such entities merge, accreted income may attract Chapter XII-EB provisions. To provide clarity, new section 12AC prescribes conditions under which the merger shall not attract these provisions. The amendments are effective from April 1, 2025.
The proposal introduces provisions to rationalize the merger of trusts or institutions approved/registered under charitable trust regimes. When such entities merge, accreted income may attract Chapter XII-EB provisions. To provide clarity, new section 12AC prescribes conditions under which the merger shall not attract these provisions. The amendments are effective from April 1, 2025.
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