Important changes in the Income Tax Act 2020 affecting Charitable and Religious Organizations, with effect from April 1, 2020.
The Finance Bill 2020, which proposed some major amendments to the Income Tax Act 1961, applicable to Charitable and Religious Organizations, received the assent from the President of India on 27/03/2020, thereby becoming a law. Below is a discussion on some of these amendments.
For the sake of convenience, the word entity is being used as a common word to cover all types of charitable and religious entities, such as, society, trust, company, fund, institution, universities, education institutions, hospitals, etc.
Various short forms have been used: S means Section, CIT means Commissioner of Income Tax, FA means Finance Act, and ITA means Income Tax Act 1961.
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Fr Trevor D’Souza OFM
