religious purposes

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

A religious purpose can be a charitable purpose and vice versa in India; therefore, exemption cannot be denied to a trust which is partly charitable and partly religious. 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