Budget 2023 - Summary of Major Amendments for NPOs
The Finance Bill 2023 has brought in various amendments for charitable and religious organisations. There are some amendments which will have far reaching implications on the charity sector. A summary of the amendments and its implications on charity sector have been discussed here with regard of following issues:
- Application out of corpus fund
- Application out of loans and borrowings
- Retrospective exemptions benefit withdrawn
- Inter-charity donation
- Benefit of exemption will not be available on filing an updated return of income
- Time limit for filing option & accumulation of income
- Provisional registration no longer permissible for existing organisations
- Exit tax for incorrect information and non-compliance
Download
.png)