New Provisions of Income Tax Act 2025
The enactment of the Income Tax Act, 2025 marks a significant restructuring of the legal framework governing non-profit organisations. While the underlying principles continue, the new law introduces a more structured and codified regime with important changes in registration, computation of income, accumulation, audit requirements and taxation mechanisms.
Key highlights include:
• Introduction of the Registered Non-Profit Organisation framework
• Consolidation of NPO taxation provisions under Chaper XVII-B
• Shift from an exemption-based to a computation-based approach
• Changes in registration, accumulation, and compliance requirements
• New framework for classification and taxation of income
• Revised audit and reporting requirements for NPOs
You may access the complete issue by downloading the same
