charitable purposes

Have you taken an education loan to support higher studies of yourself or of your spouse, Children or for the student of whom you are legal guardian and you are not aware of the tax benefits that you are entitled to. Then here is a guide that will assist you to know tax benefits on education loans. These benefits help you to reduce the overall cost of your education loan. Full Article

The deduction under section 80E is available to an individual if following conditions are satisfied: 1. Deduction available only to Individual not to HUF or other type of Assessee. 2. Deduction amount: – The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the .. Full Article

The finance ministry is likely to drop the proposal to tax religious trusts. The proposal formed part of the direct taxes code and had raised eyebrows both within and outside the finance ministry. “The issue has been raised in the finance ministry's internal discussions. We are discussing whether the exemption was removed with intent or by mistake,” said a finance ministry official. Full Article

In the present circumstances there are contradictory judgment of the Hon’ble apex court and in these circumstances judgment of the larger bench should be followed. In Commissioner v/s Aqua Pump Industries [1998 (102) ELT A64], 3 Judge bench of the apex court held that Dharmada amount is not includible in value and hence this decision is a binding precedent should be followed. In view of the above the author is of the view that Dharmada amount is not a part of the asses.. Full Article

When the assessee-society was granted registration under section 12AA, it is a testimony to the fact that the society is established for charitable purposes as defined in section 2(15); the same will be charitable purposes irrespective of the fact that for imparting education, the assessee charges fees; there is no condition to hold that to become charitable purposes in respect of imparting education, the same should be imparted freely or without charging any fees; Full Article

There is no provision either in the Act or in the Rules made thereunder to refuse recognition under section 80G(5) or continuation thereof only on the ground that the particulars of donors are not provided by Institution or fund. Full Article

Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs and charitable trusts registered with the Tax Department may be required to fork out 15 per cent tax on [...] Full Article

THE variety of information which is nowadays being sought under the RTI Act has indeed grown in quality and magnitude. One such quality question was volleyed at the CBDT which is related to Sec 11 of the Income Tax Act. Full Article