CBDT tightens merger rules for charity trusts, imposes five-year curbs on changing objectives
Summary
The Central Board of Direct Taxes (CBDT) has made it mandatory for organisations merging with another registered non-profit to inform the I-T Department within a prescribed deadline, get their accounts audited and disclose the reasons for the merger. The new rules, notified on October 30, also prevent organisations with regular registration from merging with those holding provisional registration, and vice versa.
Description from Times of India.
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CBDT tightens merger rules for charity trusts, imposes five-year curbs on changing objectives
The Central Board of Direct Taxes (CBDT) has made it mandatory for organisations merging with another registered non-profit to inform the I-T Department within a prescribed deadline, get their accounts audited and disclose the reasons for the merger. The new rules, notified...
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