Income Tax - Income shall not include : a) which applied for Specified* purpose and 15% of Income accumulated from such property. b) where part of income from charitable or religious trust ,registered prior to this Act, such part of income applied for purpose and 15% of part of income accumulated. c) where income applied outside India for […]...
Read MoreIncome Tax - Are you Charitable Trust/Institutions? Re-register now to continue to avail Tax Exemptions – New Forms notified In Pre-amendment era, the charitable trusts/Institution were enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under secti...
Read MoreIncome Tax - Finance Act, 2021 proposes to amend provisions of Section 10(23C) and 11 of the Income Tax Act, 1961 to resolve few anomalies and plug loopholes in the provisions regulating charitable institutions’ taxation....
Read MoreIncome Tax - Budget 2021 – Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation Exemption to funds, institutions, trusts etc. carrying out religious or charitable activities is provided under clause (23C) of section 10 of the Act and secti...
Read MoreIncome Tax - Charitable Institutions which are registered under section 12AA of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While Section 11 is a general provision and applicable to all charitable institutions, Sec 10(23C) is a specific exemption provision applicable to certain Government and Non-Gove...
Read MoreIncome Tax - CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala Sitharaman and brought to her attention improper Drastic changes made in Income tax provisions relating to Charitable and Religious Trusts (Trusts/NGOs. He highlighted provisions relating to putting severe restr...
Read MoreIncome Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....
Read MoreIncome Tax - KSCAA has requested to permit utilization of accumulated funds for purposes other than the purpose for which it is so accumulated under section 11(2) of the Income-tax Act, 1961....
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 MoreDirector of Income Tax Exemptions Vs M/s. Shanmuga Arts, Science, Technology & Research Academy (SASTRA) (Madras High Court) - Charity is clearly defined as relief of the poor, education, yoga, medical relief, preservation of environment, etc., Thus public charitable trust donating to activities other than education cannot be denied exemption u/s. 11 of the Act. Therefore, the conclusion of the Assessing Officer is totally ...
Read MoreAll India Federation of Tex Practitioners Vs ITO (ITAT Mumbai) - Since there was no allegation by the departmental authorities that assessee had violated any of the conditions of the provisions of sections 11, 12 and 13, except, the allegation that assessee was a mutual concern and even applying the rule of consistency, assessee's claim of exemption under section...
Read MoreTrust For Reaching The Unreached Through Trustee Vs CIT (Exemptions) (Gujarat High Court) - Trust For Reaching The Unreached Through Trustee Vs CIT (Exemptions) (Gujarat High Court) The writ-applicant is a public charitable trust. The writ-applicant seeks to challenge the order passed by the respondent dated 26th August 2019 under Section 119(2)(b) of the Income Tax Act, 1961, rejecting th...
Read MoreJogdhian Hari Bhagwan Rastogi Charitable Memorial Trust Vs ACIT (ITAT Delhi) - Jogdhian Hari Bhagwan Rastogi Charitable Memorial Trust Vs ACIT (ITAT Delhi) The assessee society is registered u/s 12A of the I.T. Act. The trust was formed on 27.09.1966 with the primary aims of carrying out public charitable objects and purposes including relief of the poor, education, medical re...
Read MoreR. K. Associates Vs ITO (ITAT Bangalore) - R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income als...
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...
Read MoreDirector of Income Tax Exemptions Vs M/s. Shanmuga Arts, Science, Technology & Research Academy (SASTRA) (Madras High Court) -
All India Federation of Tex Practitioners Vs ITO (ITAT Mumbai) -
Trust For Reaching The Unreached Through Trustee Vs CIT (Exemptions) (Gujarat High Court) -
Jogdhian Hari Bhagwan Rastogi Charitable Memorial Trust Vs ACIT (ITAT Delhi) -
R. K. Associates Vs ITO (ITAT Bangalore) -
ITO Vs Society for Education Conscietisation Awareness & Training (ITAT Jodhpur) -
Jhansi Development Authority Commissionery Compus Vs DCIT (ITAT Agra) -