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of <h1>Amendment to Section 115BBC: New Tax Calculation for Anonymous Donations at Universities, Hospitals, Charities Effective April 2015.</h1> The Finance (No. 2) Bill, 2014 proposes an amendment to section 115BBC of the Income Tax Act, affecting universities, hospitals, and charitable organizations. Currently, a 30% tax is levied on anonymous donations exceeding 5% of total donations or one lakh rupees, whichever is higher. The amendment clarifies that income tax should be calculated by reducing the total income by the amount taxed at 30%. This change will apply from April 1, 2015, impacting the assessment year 2015-16 and onwards.
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