Finance Bill 2007 have no charity to charitable trusts

Jaipur, May 16(UNI) Charitable or Religious Trusts have a last chance to avial income tax exceptions from the date of formation as the Finance Bill 2007 takes away the powers vested with the Income Tax Commissioner to condon the delay in the registration of trusts with the department.

Addressing a press conference here today Chief Commissioner of Income Tax Jaipur SC Kapil said there was a provision of registration of religious trusts within a year of its formation with the Income tax department.

However the Income tax commissioners have been empowerd to condon any delay and tax exception may be given to the trust from the date of formation of the trust rather than a particualr financial year.

However, with the passing of the Finance Bill 2007 both the provisions have been discarded.

He said a last opportunity have been offered to the trusts to avial the tax excemption from the date of formation till June 1 and after that tax excemption would be given only for a perticular fiancial year irrespective of the date of formation of the turst.

UNI