https://www.taxtmi.com/highlights?id=75447 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. en-us Wed, 06 Mar 2024 17:25:49 +0530 Wed, 06 Mar 2024 17:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=75447 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. Highlights Income Tax Wed, 06 Mar 2024 17:25:49 +0530 https://www.taxtmi.com/highlights?id=75447