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CBDT provides certain relaxations to charitable institutions for reporting details about Significant Donors and their relatives/concerns in audit report
This Tax Alert summarizes a recent Circular No. 17/2023 dated 9 October 2023 (Circular) issued by the Central Board of Direct Taxes (CBDT) wherein the CBDT provides relaxation to charitable institutions in providing details of Significant Donors and its relatives/concern in audit report for tax year 2022-23. The CBDT provides that for the purposes of reporting in audit report, any person who has given donation of more than INR0.05m during the tax year may be considered as Significant Donor and past years donation may not be reckoned for the purposes of such reporting. Also, details of relatives/Concerns of such Significant Donor may be reported ‘if available’.