Union Budget 2024 25 Tax Exemptions For Charitable Organisations Merging Section 1023c And Section12a

Download or read book Union Budget | 2024-25 – Tax Exemptions for Charitable Organisations | Merging Section 10(23C) and Section12A written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2024-08-01 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Finance (No. 2) Bill 2024 proposes to merge the approval-based exemption under Section 10(23C) with the registration-based exemption under Section 12AB. This change affects entities operating under the Section 10(23C) regime, which must transition to the Section 11/12 exemption regime. This article examines the procedural and constitutional implications of this shift for Section 10(23C) approved entities. The coverage includes: ‣ Summary of the Amendments and Key Issues ‣ Overview of Current Provisions under Section 10(23C) ‣ Process of Shifting from First Regime to Second Regime ‣ Conversion of Provisional Approval under Section 10(23C) to Regular Registration under Section 12AB and Related Issues ‣ Additional Compliances Due to the Transition from Section 10(23C) to Section 11 ‣ Enabling Window for Solely Educational Institutions to Shift from Section 10(23C) to Section 11 ‣ Reverting from a Solely Educational Institution to a Charitable Organisation