charity

Article discusses about Structure of atx Authorities, Charitable Purpose, Charity, Advancement Of Any Other Object Of General Public Utility, Advancement Of Any Other Object Of General Public Utility, Assessment Of A Charitable Trust Or Institution, Forfeiture Of Exemption, Approval U/S 80G(5), Notification Under Section 10(23), Notification/Approval Under Section 10(23C), Notification Under Section 35(1)(ii)/(iii). Full Article

The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law book since financial year 1967-68 and it seems it's here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe. The main features of tax benefit with respect to charity are as follows: Full Article

The amount donated towards charity attracts deduction under section 80G of the Income Tax Act, 1961. Section 80G has been in the law book since financial year 1967-68 and it seems it's here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe. The main features of tax benefit with respect to charity are as follows: Full Article

As a rule, if the terms of the trust permit its operation 'for profit' they become, prima facie, evidence of a purpose falling outside charity. They would indicate the object of profit-making unless and until it is shown that the term of the trust compel the trustee to utilize the profits of business also for charity. This means that the test introduced by the amendment is "Does the purpose of a trust restrict spending the income of a profitable activity exclusively or p.. Full Article

No, this isn't an ungrammatical anti-BCCI tirade from a rival cricket organisation. It is, rather, what the income-tax department has to say about the BCCI in its assessment order dated December 30 last year while disallowing tax exemptions for the organisation. The exemptions were earlier being granted on the grounds that promoting cricket was a "charitable" activity. 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