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The income-tax (I-T) authorities have tightened disclosure norms for charitable trusts. They now have to declare the nature of their activities from October 1 for tax purposes. The Central Board of Direct Taxes (CBDT) has notified changes in reporting rules where the charitable institutions have to mention whether the activities undertaken are charitable, religious, or both to claim tax benefits.
The high court's stay on IT Rules comes after two new petitions were filed by the Editors Guild of India and the Association of Indian Magazines, challenging the constitutional validity of the provisions.
On April 6, the Union govt promulgated certain amendments to the IT Rules including a provision for a fact-checking unit to flag fake or misleading online content related to the govt.
The Centre on Wednesday told the Bombay High Court it was extending till July 10 its earlier statement that it won't notify its fact-checking unit to identify fake news against the government on social media, even as two new petitions were filed challenging the recently amended IT Rules
Tax is required to be deducted at the time of withdrawal as well as at the end of the financial year