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No relaxation on registration of charitable trusts
May, 16th 2007

Tax exemptions for charitable institutions has been made tougher by the finance ministry. From June 1 onwards it will not permit delay in registration to the Income Tax Act by charitable trust s or institutions for tax exemption on their income from previous years.

Tax exemptions to charitable institutions cost the finance ministry Rs 5,090 crore as per its own estimates in 2006-07, making it the second largest exemption after those for export zones and software technology processing industries.

Announcing the decision, Mr A J Majumdar Member Central Board of Direct taxes said, Applications filed on or after 1st June, 2007 will entitle the applicant to claim exemption of income from the financial year in which the application is made and not for earlier years. The provisions have been incorporated in Budget 2007-08.

The decision will affect about the one lakh or so charitable trusts and institutions which function in the country, Majumdar said. The department expects about 25,000 applications for registration by trusts in this fiscal.

The finance ministry will also not give tax exemptions to charitable trusts in case of anonymous donations. Majumdar said the trusts would have to provide names of donors to avail exemptions and this would also help the ministry trace black money.

No Charity, This
The decision will affect about one lakh charitable trusts
Tax sops to charitable institutions cost Rs 5,090 crore in 06-07
Finmin will also not give tax exemptions on anonymous donations
Till now registration under section 12A of the Income tax Act is a pre-condition for availing exemption of income under sections 11 and 12 by a charitable or religious trust or institution.

For obtaining such registration, the trust or institution has to make an application to the Commissioner of Income-tax within one year from the date of its creation or establishment. When such application is made after the expiry of one year, the commissioner may condone such delay, if he is satisfied with the reasons behind it.

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