What is the taxation system for charitable and religious trusts?
There’s a lot to discuss when it comes to applicable taxes and exemptions for charitable and religious trusts. Here’re certain vital points to be considered. Registered charitable and religious institutions are public trusts Not-for-profit trusts that operate for a charitable purpose and offer help on a voluntary basis to people for various causes to help the society are charitable trusts. They are often involved in organizing medical checkup camps, cleanliness drives, yoga camps, promoting environmental awareness as well as education, along with other activities for the benefit of the general public. Religious trusts, on the other hand, are more involved in activities related to one particular religion. However, some of them also work towards charitable causes. The income tax act does not identify religious institutions differently. Both, charitable and religious trusts are considered as public trusts. Only registered trusts are entitled to exemptions Trusts register...
