Income Tax Rules: Under the new rules, now the religious institution or the hospital will have to inform the people or the donor that where they have spent the amount donated.
Income Tax donation Rules: If you are an income tax payer and are going to donate to temples and hospitals, then first know the new rules of the Income Tax Department. From October 2023, the Income Tax Department is going to change the rules for donations to religious institutions. Under this, now the religious institution or the hospital will have to inform the people or the donor that where they have spent the donated amount.
According to income tax, now any taxpayer who mentions donations in these institutions, he will also have to tell in ITR that the temple to which he has donated is engaged in religious activities or charitable activities, so such tax payers will have to declare religious and charitable activities. It is important to know the difference between activities.
Rs 2 lakh rules on donations over
The new rules for donations related to religious institutions will come into effect from October 2023. Under the new rules, now charitable organizations will also have to give information about all such people who give them Rs 2 lakh. Those who donate more than Rs. 2 lakhs means it will include those donors who have donated more than Rs. 2 lakhs. The religious institution will also have to give information like name, address, PAN number etc. of the donor. In this information, it will be necessary to give information about the name, address and PAN number of the person donating.
Rules of registration changed under 80G
The government has recently changed the rules slightly for those who register under 80G of the Income Tax Act to claim tax exemption. All these rules will change from the month of October this year, in which 2C, 11AA and 17A will also come. The undertaking given at the end of all these forms has also changed slightly.
What are Charitable Institutions?
Apart from institutions related to religious activities, charitable institutions will include those institutions which run religious trusts, hospitals or institutions related to education. This exemption will be available only when these institutions are registered with the Income Tax Department.
