CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution for purposes of application of income https://www.taxtmi.com/news?id=27369 Finance Act 2023 limits the portion of donations treated as application for charitable or religious purposes for trusts and institutions registered under section 12AA/12AB and entities under section 10(23C); representations questioned whether the residual portion would be taxable or eligible for accumulation. The CBDT issued Circular No. 3/2024 with illustrative examples clarifying how the statutory limitation affects application and accumulation and addressing practical concerns about funds availability and tax consequences. en-us Wed, 06 Mar 2024 17:20:25 +0530 Wed, 06 Mar 2024 17:20:25 +0530 TaxTMI RSS Generator CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution for purposes of application of income https://www.taxtmi.com/news?id=27369 Finance Act 2023 limits the portion of donations treated as application for charitable or religious purposes for trusts and institutions registered under section 12AA/12AB and entities under section 10(23C); representations questioned whether the residual portion would be taxable or eligible for accumulation. The CBDT issued Circular No. 3/2024 with illustrative examples clarifying how the statutory limitation affects application and accumulation and addressing practical concerns about funds availability and tax consequences. News - Wed, 06 Mar 2024 17:20:25 +0530 https://www.taxtmi.com/news?id=27369