The Finance Act, 2022 has inserted new section where income tax will be charged to 30%.
The Finance Act, 2022 has inserted a new section 115BBI to tax the following income of charitable organisations at 30% tax rate:
In other word, the relevant income falling within the mischief of section 13(1)(c)/13(1)(d) will lose the benefit of exemption and the balance of the total income of the trust will remain eligible for the benefit of exemption under section 11 of the Act.
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