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...
Read MoreIncome 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?...
Read MoreIncome 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...
Read MoreIncome Tax - Union Budget 2018 has brought drastic change in the relief already provided to hospitals, educational institutions, trusts and funds registered under section 10(23) (C) & section 11, which is very important & considerable....
Read MoreIncome Tax - There was no provision in the Income-tax Act which ensured that the corpus and asset base of the trust accreted over period of time, with promise of it being used for charitable purpose, continues to be utilized for charitable purposes and is not used for any other purpose....
Read MoreIncome 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 ...
Read MoreM/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 ...
Read MoreM/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 incur...
Read MoreDelhi Public School Ghaziabad Vs ACIT (ITAT Delhi) - Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi) The assessee did not provide transport facility to the outsiders and was providing the same only to the students and the staff working for the society. Since transport facility was incidental to achieve the object of providing education, i.e., the o...
Read MoreM/s. Indian Plastics Institute Vs The Assistant Director of Income Tax Officer (ITAT Mumbai) - M/s. Indian Plastics Institute Vs Assistant Director of Income Tax Officer (ITAT Mumbai) Considering that the activities of the assessee-trust are for advancement and development for the benefit of its members and public, the art, science, technology and engineering of plastics, natural and syntheti...
Read MoreThe D.C.I.T. Vs India Olympic Association (ITAT Delhi) - This appeal by the Revenue is preferred against the order of the Commissioner of Income Tax [Appeals] - 40, New Delhi dated 31.12.2015 pertaining to A.Y 2011-12. 2. Grievances of the Revenue read as und...
Read MoreNOTIFICATION 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,...
Read MorePart 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 ....
Read MorePart 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...
Read MoreNOTIFICATION (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 ...
Read MoreCircular 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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M/s.MAJ Hospital Edappally Vs The Dy.Commissioner of Income-tax (ITAT Cochin) -
M/s. Escorts Cardiac Disease Hospital Society Vs ITO (ITAT Delhi) -
Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi) -
M/s. Indian Plastics Institute Vs The Assistant Director of Income Tax Officer (ITAT Mumbai) -
The D.C.I.T. Vs India Olympic Association (ITAT Delhi) -
Institute of Health Systems Vs Income Tax Officer (ITAT Hyderabad) -
ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) -
The ACIT (Exemptions) Vs State Examination Board (ITAT Ahmedabad) -