A Comparative Overview: Taxation and Registration of NPOs under the Income Tax Act, 1961 vs. Income Tax Bill, 2025

A Comparative Overview: Taxation and Registration of NPOs under the Income Tax Act, 1961 vs. Income Tax Bill, 2025 https://www.taxtmi.com/article/detailed?id=14820 The Bill creates a unified framework by defining Registered NPOs, consolidating NPO provisions into Chapter XVII-B, and linking conditional tax exemption to registration and compliance. It introduces Regular Income and Taxable Regular Income concepts, centralises taxation of contraventions, removes the capital gains reinvestment route in favour of an application requirement for exemption, prohibits commercial activity except if incidental, and imposes detailed audit and filing norms while providing a transition window for missed registrations. en-us Thu, 17 Jul 2025 08:20:03 +0530 Thu, 17 Jul 2025 08:20:03 +0530 TaxTMI RSS Generator A Comparative Overview: Taxation and Registration of NPOs under the Income Tax Act, 1961 vs. Income Tax Bill, 2025 https://www.taxtmi.com/article/detailed?id=14820 The Bill creates a unified framework by defining Registered NPOs, consolidating NPO provisions into Chapter XVII-B, and linking conditional tax exemption to registration and compliance. It introduces Regular Income and Taxable Regular Income concepts, centralises taxation of contraventions, removes the capital gains reinvestment route in favour of an application requirement for exemption, prohibits commercial activity except if incidental, and imposes detailed audit and filing norms while providing a transition window for missed registrations. Articles Income Tax Thu, 17 Jul 2025 08:20:03 +0530 https://www.taxtmi.com/article/detailed?id=14820