Comments
The Centre has decided to make it mandatory for certain Government funded hospitals, education institutions and universities to file their income tax returns.
This has been stipulated in the latest budget for those education institutions, universities and hospitals that are wholly or substantially financed by the Government and currently availing tax exemptions under income tax law.
The new norms will take effect from April 1, 2016 (assessment year 2016-17 and subsequent years), according to the Finance Bill.
Reacting to this budget proposal, G Ramaswany, former CA Institute President, said that such a decision was welcome as it would bring accountability in such institutions besides improving transparency in their working.
Amit Maheshwari, Partner, Ashok Maheshwary & Associates, a firm of chartered accountants, said this budget proposal would make these education institutions and hospitals more accountable in the utilisation of public funds.
In the interim budget announced in July 2014, the Finance Bill had explained the meaning of a university or a hospital that could be considered as "substantially financed" by the Government.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.