TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2023: New Rules for Trust Donations, Only 85% Counted as Charitable Application from April 2024.</h1> The Union Budget 2023-24 and Finance Bill, 2023 address the treatment of donations between trusts. Trusts must apply at least 85% of their income to charitable or religious purposes, either directly or by donating to similar trusts. Donations to other trusts should not be for corpus purposes to ensure proper application. Some trusts exploit this by forming multiple layers, reducing effective application. To counter this, the bill proposes that only 85% of donations between trusts be considered as application towards charitable purposes. Amendments will take effect from April 1, 2024, impacting assessment year 2024-25 onwards.
TaxTMI 
TaxTMI 