Charitable Trusts - CBDT appoints “ prescribed authorities”

By Vijay Kumar

As per Section 10 (23C) (iv) and (v) of the IT Act, the income of a fund or institution established for charitable purposes which may be approved by the prescribed authority or any trust (including any other legal obligation) or institution wholly for public religious purposes or wholly for public religious and charitable purposes, which may be approved by the prescribed authority, is exempted.

Now CBDT has prescribed the authorities as Chief Commissioners or DG.

NOTIFICATION NO. 195/2007, Dated: May 30, 2007