The Financial Bill, 2025 has proposed to exclude entities in which the donor has substantial interest from being classified as a specified person under Section 13(3).
The clause (e) of section 13(3) has been amended. The proposed section 13(3)(e) which shall be inserted is as under:
“(e) any concern in which any of the persons referred to in clauses (a), [(c), (cc)] and (d) has a substantial interest.”
The deletion of clause (b) from the above implies that entities in which a donor has substantial interest will no longer be classified as a specified person under Section 13(3).
