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More than 24 prominent charitable institutions in the country — from private trusts to educational societies, statutory authorities, and cricket associations — may soon face tax scrutiny after a Supreme Court (SC) ruling set the limits to which tax exemption can be claimed. Most of these are highly profitable but get tax exemption due to their ‘charitable organisation’ status.
The revenue department is preparing a standard operating procedure to scrutinise their books and evaluate if they can continue to claim tax exemption in the context of the recent SC ruling, a senior government official told Business Standard.
The apex court
