✔️ Impact of Amendments by Finance (No. 2) Bill, 2024
• Transition from an approval-based to a registration-based system for exemptions under Section 12AB
• Authority extended to the PCIT/CIT to condone delays in registration applications
• Extended deadlines for resolving registration applications
• Introduction of Section 12AC to allow mergers of charitable trusts without incurring an exit tax
• Amendments to provide relief for applications under Section 80G
• Limitations on gifts to NGOs from entities other than individuals and Hindu Undivided Families (HUFs)
✔️ Changes in ITR-7 for AY 2024-25
• Key changes necessitating additional disclosures from taxpayers
• Modifications resulting from the amendments introduced by the Finance Act 2023
✔️ Reporting in Form 10B/10BB
• Key challenges associated with reporting in Forms 10B and 10BB
• Discrepancies between the reporting in Forms 10B/10BB Audit Reports and ITR-7
