Introduction: The Finance Bill, 2020 has proposed to make substantial changes regarding provisions for granting exemptions to the charitable / religious trusts, institutions etc. U/s. 11 of the Income Tax Act, 1961 (Act). The substantial amendments are also proposed in respect of exemption U/s.10(23C) which are granted to the trusts, institutions, universities, educational institutions, hospitals, other medical institutions etc.

Under the new regime, the amendments are proposed in section 10(23C), section 11, section 12A, section 12AA. A new section 12AB is also proposed to be introduced. All these amendments are proposed to be made w.e.f. 01^st June, 2020.

Read more on: https://taxguru.in/income-tax/budget-2020-exemption-section-11-section-1023c-charitable-religious-trusts.html