charitable organisations

A senior revenue department official told , There are three issues on which a political call is required. These are: the exempt-exempt- tax regime for retirement savings, the 2 per cent minimum alternate tax on gross tax assets of companies and the proposal to tax charitable organisations at 15 per cent. Hectic lobbying by interest groups is still on for dilution or an altogether elimination of these proposals from the final draft. Full Article

The Central Board of Direct Taxes (CBDT), the government's apex tax policy and collection body, has suggested that the new direct taxes code abolish Minimum Alternate Tax (MAT) and continue to offer individuals tax exemptions on savings under the existing EEE (exempt-exempt- exempt) method. Full Article

Local city development agencies, such as Delhi Development Authority and Noida Development Authority, which have been raking in the moolah for some time from their housing projects, have drawn the attention of taxmen. The Central Board of Direct Taxes has sounded an alert to its field forces asking them to keep a tab on tax payments by [...] Full Article

As per the new definition of charitable purpose in Finance Act 2008, advancement of any object of public utility, which was earlier considered to be “charitable purpose,” is now not so if it involves the “carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration Full Article