The Finance Bill 2022 has proposed new section where income tax will be charged to 30%
The Finance Bill 2022 has inserted a new section 115BBI to tax the following income of charitable organisations at 30% tax rate:
• If accumulation is made in excess of 15% of total income without filing Form 9A or Form 10 then such excess accumulation.
• If any income accumulated to subsequent year or five years by filing Form 9A or Form 10 is not applied within the prescribed time frame
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