As the Union Budget 2024 approaches, Charitable Trusts hopes for simplification amidst past complex amendments. With the Budget set for July 23, 2024, this article discusses key suggestions for the finance minister to streamline taxation for charitable trusts, benefiting small charitable entities. The coverage includes:
‣ Unified and Simple Tax Regime
‣ Presumptive-like Scheme for Taxation of Charitable Trusts
‣ Provide a Definition of ‘Commencement of Activities’
‣ Consequential Amendment to Section 13(9)
‣ Clarity on Applicability of Tax Audit under Section 44AB
