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of <h1>Nonprofit Tax Compliance: New Rule Imposes 1% Monthly Interest on Delayed Accreted Income Payments Under Clause 352(7)</h1> Concise Legal Summary:The article analyzes Clause 352(7) of the Income Tax Bill, 2025, which addresses interest on delayed tax payment for non-profit organizations' accreted income. The provision imposes a 1% monthly simple interest for non-payment of tax, with liability extending to the organization and its principal officers. Compared to the existing Section 115TE, the new clause offers more procedural clarity, uses explicit formulas, and aims to enhance compliance and administrative efficiency in taxing accumulated charitable assets. The legislative approach emphasizes accountability and prevents potential misuse of tax exemptions.
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