TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
Union Budget 2026-27 - Finance Bill, 2026
Section 332 inter alia specifies the persons who may apply for registration as a registered non-profit organisation. The aforesaid provision also includes the persons referred to in Schedule VII (Table: Sl. No. 10) to (Table: Sl. No. 16), who were not required to register themselves under the Income-tax Act, 1961 to claim benefit of exemption under section 10 of the Income-tax Act, 1961.
In order to align the said provision with the Income-tax Act, 1961 and provide clarity it is proposed to remove the reference of aforesaid persons from section 332(1)(f) of the Income-tax Act, 2025, so that such person shall not be required to registered themselves under section 332 of the Act.
These amendments will take effect from the 1st day of April, 2026 and shall accordingly, apply to the tax year 2026-27 and subsequent tax years.
[Clause 66]
Full Text:
Registration requirement removed for certain Schedule VII funds to align exemption rules under the Income-tax regime. Amendment excludes persons listed in Schedule VII (Table Sl. No. 10-16) from section 332(1)(f) of the Income-tax Act, 2025, removing their obligation to register under section 332 to claim income-tax exemption and aligning registration requirements with the Income-tax Act, 1961; effective 1 April 2026 for tax year 2026-27 onwards. of Press 'Enter' after typing page number.
TaxTMI 
TaxTMI 