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I-T dept set to bring changes in tax audit report for charitable trusts

Report seeks extensive details of operations of trusts, ensuring compliance with applicable processes

tax
The draft report, floated by the CBDT, seeks extensive details of operations of trusts

The income tax department is set to bring changes in the tax audit report for charitable trusts to check misuse of funds, including foreign donations. This will be done by improving compliance and accountability through augmented disclosure requirements. The proposed amendments to the tax audit report are being made after a gap of almost five decades. The draft report, floated by the Central Board of Direct Taxes (CBDT), seeks extensive details of operations of trusts, ensuring that they are fully compliant with the applicable processes and procedures. The report also calls for ...