section 11

Exemption under Section 10(23C) vis-a-vis Section 11

Income Tax - Analysis of the Income Tax Exemptions available to certain Educational Institutions under Section 10(23C) of the Income Tax Act, 1961 and comparison of the same with exemption available under Section 11. Background: Section 11 is a popular section for claiming exemption from income tax among the non-government charitable trusts and instit...

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Misinterpretation of Section 12A(1)(ba) by CPC shall lead to Huge Tax Demands

Income Tax - Draconian Misinterpretation of Sec. 12A(1)(ba) of the Income Tax Act, 1961 by CPC (Income Tax Centralized Processing Center) shall lead to Huge Tax Demands The Finance Act, 2017 has inserted a new provision sec. 12A(1)(ba) w.e.f. 01/04/2018 (applicable from A.Y. 2018-19 and onwards as follows: “Conditions for applicability of sections ...

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Charitable Trusts: Income Tax Perspective

Income Tax - ARE INCOME TAX AUTHORITIES REALLY CHARITABLE WHEN IT COMES TO CHARITABLE TRUSTS? CHARITABLE TRUSTS: INCOME TAX PERSPECTIVE ‘Charity begins at home but should not end there.’ –Francis Bacon  The essence of the above quote has been fully captured in the definition of the expression “charitable purpose” as envisaged in the...

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Charitable/Religious Trusts & Institutions – Simplified

Income Tax - Article discusses the concept of Charitable/Religious Trusts and various tax benefits which the govt. has provided them. 1. What is Charitable/Religious Trust? 2. How Charitable/Religious Trust being created?...

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Contradiction in Intention and Implementation: Amendments in section 11 of income tax act, 1961

Income Tax - This article brings out the contradiction over the intention and implementation of amendment in section 11 so as to bring the disallowances u/s 40A(3) and section 40(a)(ia) in computation of income of the Trusts or other institutions claiming exemption u/s 11...

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BCCI have to pay more than Rs. 500 crore in taxes

Income Tax - The Board of Control for Cricket in India (BCCI) may have to stump up more than Rs 500 crore in taxes, with tax authorities not in favour of granting exemption requests sought by the board for the past two tax years. The board, widely regarded as one of the richest sporting bodies on the planet, has claimed exemption of Rs 421 crore and ...

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No exemption u/s 11 to charitable trust in case it was not registered u/s 12AA

Langar Committee Hanuman Mandir Vs Income Tax Officer (ITAT Amritsar) - Exemption under section 11 in respect on the surplus reflected by assessees  accounts was denied by AO because assessee was not registered under section 12AA, however, the matter was remanded back to AO to verify as to whether expenditure were actually incurred for the purposes of the running the i...

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Carry forward of excess of expenditure over income allowable in case of trust

ITO Vs  Kaivalya Education Foundation (ITAT Mumbai) - Assessee-trust was entitled to claim excess expenditure over income being deficit to be carried forward for setting it off in subsequent years as income derived from  trust property had  to be computed on commercial principles and if commercial principles were applied then adjustment of expenses i...

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Exemption to trust on Property used as Residence of Chairman & for charitable activities

ACIT Vs St. Thomas Orthodox Church Society (ITAT Delhi) - In order to carry out the charitable activities, the Chairman of the society needs accommodation otherwise he would have to be put in rented accommodation and hence the same eligible for benefit of section 11 and 12....

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Exemption U/s. 11 cannot be denied merely for Running of bus by School to facilitate transportation of students & staff

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi) - Where assessee-school had provided transport facility by charging separate fee, the transportation activity being incidental to achieve the main object of the assessee-trust, i.e., providing education could not be considered as business activity, so as to deny exemption under section 11 because the ...

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Running hospital with nursing school eligible for exemption U/s. 11

M/s.MAJ Hospital Edappally Vs The Dy.Commissioner of Income-tax (ITAT Cochin) - M/s. MAJ Hospital Edappally Vs DCIT (ITAT Cochin) Assessee is entitled to the exemption u/s 11 of the income derived from an activity incidental to the achievement of the objects of the trust. For these reasons, we hold that the assessee’s activities of running the hospital and the nursing school ...

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Section 11-CBDT notifies online forms for accumulation of income by a trust

NOTIFICATION NO. 03/2016 - (14/01/2016) - NOTIFICATION NO. 03/2016 Exercise of option etc under section 11. (1) The option to be exercised in accordance with the provisions of the Explanation to sub-section (1) of section 11 in respect of income of any previous year relevant to the assessment year beginning on or after the 1st day of April,...

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CBDT guidelines for NGOs seeking exemption U/s. 11 for providing relief to earthquake hit people in Nepal- Part III

Part III - Guidelines for NGOs seeking exemption U/s. 11 - (27/07/2015) - Part III of the Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption u/s 11(1)(c) of the Income-tax Act, in respect of remittance of money/relief articles by Indian NGOs/Charitable Organisations for earthquake hit people in Nepal ....

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CBDT guidelines for NGOs seeking exemption U/s. 11 for providing relief to earthquake hit people in Nepal- Part I

Part I - Guidelines for NGOs seeking exemption U/s. 11 - (08/07/2015) - Many NGOs and Charitable Organizations in India have expressed desire to support relief and rehabilitation work for the benefit of earthquake affected people in Nepal. While participation of such NGOs and Charitable Organizations in relief operations is encouraged, it is also necessary to ensure tha...

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Rescission of all previous notifications appointing Director, Software Technology Parks of India as Development Commissioner of IT& ITES SEZs

NOTIFICATION (F.5/15/2010-SEZ) - (20/12/2010) - Section 11 of the Special Economic Zones Act, 2005 – Development Commissioner – Rescission of all previous notifications appointing Director, Software Technology Parks of India as Development Commissioner of IT & ITES SEZs NOTIFICATION (F.5/15/2010- SEZ), DATED 20-12-2010 In exercise of the ...

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SEBI circular on Quarterly Reporting by Foreign Venture Capital Investors (FVCI)

Circular No. SEBI/IMD/DOF-1/FVCI/CIR-1/2010, - (12/01/2010) - Format for the quarterly report on venture capital activity to be submitted by Foreign Venture Capital Investors has been revised as per enclosed Annexure. In accordance with Regulation 13 (1) of SEBI (Foreign Venture Capital Investors) Regulations, 2000, all Foreign Venture Capital Investors are di...

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Recent Posts in "section 11"

No exemption u/s 11 to charitable trust in case it was not registered u/s 12AA

Langar Committee Hanuman Mandir Vs Income Tax Officer (ITAT Amritsar)

Exemption under section 11 in respect on the surplus reflected by assessees  accounts was denied by AO because assessee was not registered under section 12AA, however, the matter was remanded back to AO to verify as to whether expenditure were actually incurred for the purposes of the running the institution or organizing its activities ...

Read More

Carry forward of excess of expenditure over income allowable in case of trust

ITO Vs  Kaivalya Education Foundation (ITAT Mumbai)

Assessee-trust was entitled to claim excess expenditure over income being deficit to be carried forward for setting it off in subsequent years as income derived from  trust property had  to be computed on commercial principles and if commercial principles were applied then adjustment of expenses incurred by trust for charitable and reli...

Read More

Exemption under Section 10(23C) vis-a-vis Section 11

Analysis of the Income Tax Exemptions available to certain Educational Institutions under Section 10(23C) of the Income Tax Act, 1961 and comparison of the same with exemption available under Section 11. Background: Section 11 is a popular section for claiming exemption from income tax among the non-government charitable trusts and instit...

Read More
Posted Under: Income Tax |

Misinterpretation of Section 12A(1)(ba) by CPC shall lead to Huge Tax Demands

Draconian Misinterpretation of Sec. 12A(1)(ba) of the Income Tax Act, 1961 by CPC (Income Tax Centralized Processing Center) shall lead to Huge Tax Demands The Finance Act, 2017 has inserted a new provision sec. 12A(1)(ba) w.e.f. 01/04/2018 (applicable from A.Y. 2018-19 and onwards as follows: “Conditions for applicability of sections ...

Read More
Posted Under: Income Tax |

Exemption to trust on Property used as Residence of Chairman & for charitable activities

ACIT Vs St. Thomas Orthodox Church Society (ITAT Delhi)

In order to carry out the charitable activities, the Chairman of the society needs accommodation otherwise he would have to be put in rented accommodation and hence the same eligible for benefit of section 11 and 12....

Read More

Exemption U/s. 11 cannot be denied merely for Running of bus by School to facilitate transportation of students & staff

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi)

Where assessee-school had provided transport facility by charging separate fee, the transportation activity being incidental to achieve the main object of the assessee-trust, i.e., providing education could not be considered as business activity, so as to deny exemption under section 11 because the transport facility was not provided to o...

Read More

Charitable Trusts: Income Tax Perspective

ARE INCOME TAX AUTHORITIES REALLY CHARITABLE WHEN IT COMES TO CHARITABLE TRUSTS? CHARITABLE TRUSTS: INCOME TAX PERSPECTIVE ‘Charity begins at home but should not end there.’ –Francis Bacon  The essence of the above quote has been fully captured in the definition of the expression “charitable purpose” as envisaged in the...

Read More
Posted Under: Income Tax |

Running hospital with nursing school eligible for exemption U/s. 11

M/s.MAJ Hospital Edappally Vs The Dy.Commissioner of Income-tax (ITAT Cochin)

M/s. MAJ Hospital Edappally Vs DCIT (ITAT Cochin) Assessee is entitled to the exemption u/s 11 of the income derived from an activity incidental to the achievement of the objects of the trust. For these reasons, we hold that the assessee’s activities of running the hospital and the nursing school are intricately connected and dependent ...

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Expense incurred by Trust for private parent company outside India not allowable

M/s. Escorts Cardiac Disease Hospital Society Vs ITO (ITAT Delhi)

M/s. Escorts Cardiac Disease Hospital Society Vs ITO (ITAT Delhi) Assessee is not running any hospital towards which this expense has been incurred. The assessee just conducted a seminar for the benefit of its parent body i.e. Escorts Hospital, which is a private company. The expense has been incurred outside India and therefore, it is a...

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Charitable/Religious Trusts & Institutions – Simplified

Article discusses the concept of Charitable/Religious Trusts and various tax benefits which the govt. has provided them. 1. What is Charitable/Religious Trust? 2. How Charitable/Religious Trust being created?...

Read More
Posted Under: Income Tax |

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