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of <h1>Finance Bill 2021: New Rules for Charitable Trusts to Prevent Double Deductions and Clarify Exemptions for Donations.</h1> The Finance Bill 2021 proposes changes to prevent double deductions by charitable trusts and institutions under the Income-tax Act, 1961. Exemptions for corpus donations are clarified, ensuring they are invested in specific forms and not counted as application for charitable purposes unless reinvested. Loans or borrowings used for charitable purposes will not be considered as application until repaid from income, preventing double counting. These measures aim to eliminate unintended tax benefits and ensure accurate calculation of income application or accumulation, effective from April 1, 2022, for the assessment year 2022-23 onward.
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