New Delhi, Aug. 8 -- Finance Minister Nirmala Sitharaman on Friday withdrew the Income Tax Bill, 2025, from the Lok Sabha, with the government set to bring in a revised version incorporating recommendations of the Select Committee.
The Income Tax Bill was originally introduced on February 13 this year and referred to the 31-member Select Committee, chaired by Baijayant Panda, for detailed scrutiny.
However, religious trusts engaged in other charitable activities-such as running hospitals or educational institutions-will continue to be taxed on such donations under the law.
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