Trustees will be liable in case of non-payment of exit tax: CBDT chief

CBDT chief says there's no reason to provide differential treatment for filing I-T returns

Trustees of charitable institutions will be made “personally liable”, if they don’t pay additional income tax (exit tax) on their accreted income, along with the trusts, Nitin Gupta, chairman of the Central Board of Direct Taxes (CBDT), told Business Standard.
 
In the Union Budget, presented on Wednesday, the government proposed a slew of amendments to some tax provisions governing charitable institutions, including expanding the scope of exit tax.
 
At present, charitable trusts are liable to pay 30 per cent exit tax (plus surcharge), if they convert into a non-charitable entity and transfer assets to any non-charitable entity.