Budget 2020: I-T Act may allow seizure of trustees’ personal assets

Budget 2020: I-T Act may allow seizure of trustees’ personal assets

The Union Budget is likely to have a provision to make trustees liable in the case of violation of charitable trust norms linked to tax exemptions or registration of entities.

The new provision under the Income-Tax (I-T) Act may enable the authorities to seize trustees’ personal assets if there’s a breach of objectives governing registered charitable trusts, a source in the government said.

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This is being considered when Tata Trusts is contesting a recent tax department ruling on a related matter. At present, in the case of any such violation, the onus is only on trusts …

Source:-business

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