public trust

Despite being partly a civic body responsible for developing essential infrastructural amenities, Mumbai Metropolitan Region Development Authority (MMRDA), because of its capital intensive deals for various projects, has come under the scanner of the Income Tax (I-T) department. Though the authority has sought exemption from income tax claiming it is a charitable body, it may have to pay the I-T department a whopping Rs 1,500 crore if the case does not go in its favour. Full Article

For the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar provisions in such a way that if nothing is intimated within 120 days, the said change reports should be deemed to have been accepted by the said officer, especially in the case of schedule III. In the case of schedule IIIA, since it is more se.. Full Article

Thus, for the benefit of all the Public Charitable and Religious Trusts, Trustee & all such Trusts should jointly make a petition before Law Minister, Law and Judiciary Department Sachivalaya, Maharashtra to amend this and other similar provisions in such a way that the approval should be granted/rejected within 3/4 months on the lines of Chapter XXC of the IT. Act, 1961. Full Article

A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the Companies Act. It generally takes the form of a trust when it is formed primarily by one or more persons. To form a Society at least seven persons are required. Institutions engaged in promotion of art, culture, commerce etc. are often registered as non-profit companies. Full Article

Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify. Ans : The Income Tax Act, 1961, is applicable to Voluntary Organisations which are engaged in public charitable or religious activity. Hence, Voluntary Organisations which carry out socio-development programmes [...] Full Article