« Top Headlines » Open DEMAT Account in 24 hrs  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible  CBDT extends specified date for filing of various reports of audit for the Assessment Year 2025-26  Tax audit deadline nears: Will Finance Ministry grant an extension?  Are large income tax refunds getting delayed? Here s what you can do if you are yet to receive refund  MSME Form 1 for Enhanced Reporting in Tally Prime Silver «  Alleged cadres imposing 'godown tax'... I-T misses target by a mile, sets up a chase... » Tax exemption on grounds of charity to be closely scrutinised January, 05th 2009 To curb the misuse of tax exemption given to charitable organisations, the government will now closely scrutinise accounts of large entities, which include NGOs and trade bodies, after it was found that some of them were allegedly indulging in commercial activities. More than 60,000 assessees in seven metropolitan cities are claiming tax exemption under the Income-Tax Act. Large entities will now be closely scrutinised to check revenue loss, a Finance Ministry official said. Tax statements filed by such entities are by using the ITR-7 form, whose electronic version is not available, the official said, adding the voluminous paperwork involved makes it difficult to ascertain the revenue loss. According to I-T department officials, the Comptroller and Auditor General (CAG) and the higher courts of the country had also asked the department to scrutinise the accounts of such entities effectively. "The effort of the government and the Central Board of Direct Taxes (CBDT) is to make sure that no non-deserving business entity or institution is added to the list," a source said. The government, through the Tax Policy and Legislation division of the CBDT on December 19, 2008, brought out a circular in this context, which defines charity.