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More Details on Foreign Donations from Trusts Sought by IT Dept
May 23, 2019
The Central Board of Direct Taxes (CBDT) is looking to get information on foreign donations that are received by institutes and trusts claiming deductions. It’s issued a draft notification to amend Income-tax rules, 1962 and form 10B by proposing changes in the audit report form that’s populated by the concerned entities.
The board said that the Form and Rule were notified a long time ago, and they must be rationalized now to meet the new requirements. As per the change, the new form 10B will have 10 pages instead of just 3 that exist now.
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