section 11

Budget Proposals Relating to Charitable Trusts

Income 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....

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Budget eliminate possibility of double deduction to Charitable Trust & Institutions

Income 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...

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Exemption available for educational institutions- Section 10(23C) & 11

Income 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...

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Surplus doesn’t defeat the purpose of charitable activity!

Income Tax - This article aims to highlight the meaning of 'Purpose of charitable activity' in the context of surplus arising from the activity during the period. Whether surplus defeats the purpose of charitable activity??...

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Post Finance Act 2020 applicability of Section 11 & 12 of Income Tax Act,1961

Income Tax - Amendment vides Finance Act 2020: Whether provisions of Section 11 and Section 12 of Income Tax Act, 1961 (Act) shall apply under certain conditions? The post Finance Act 2020 – Applicability of Section 11 and Section 12 of Income Tax Act, 1961 (Act): Case 1: Where approval under Section 10(23C) or Section 10(46) exist Section [&hel...

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Representation to FM on Concerns of Chartered Accountants

Income 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....

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Request to permit utilization of accumulated funds for other purposes- section 11(2)

Income 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....

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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 deduction to Trust for Donation for activity which ultra vires to object clause of assessee

Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad) - Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad) In the instant case before us, we have observed that the objects of the donor viz. assessee only permitted to engage in activities to establish and run hospitals, nursing homes, welfare homes, rest houses for the good and benefit of the pe...

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‘Hundi receipts’ in cash towards Corpus of Trust is Capital Receipt

Boyakonda Gangamma Devasthanam Vs ITO (ITAT Hyderabad) - The clinching fact that emerges here is that assessee’s ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the ‘Endowment Act’ duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law...

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Section 11(2) not mandate a limitation for filing notice of accumulation in Form No. 10

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) - Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) The Tribunal adjudicating on the identical issue, has held that if form No. 10 is filed during the continuation of the assessment proceedings that should have been taken into consideration by the Assessing Officer. That non filing of the Form...

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ITAT Allows section 11 Exemption to NIXI

ACIT (E) V. National Internet Exchange of India (ITAT Pune) - National Internet Exchange of India Vs ACIT (ITAT Pune) National Internet Exchange of India (NIXI) is engaged in carrying out running of internet exchange and registration of domain name. For running of internet exchange, the assessee is charging membership fees, connectivity charges, data transferr...

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ITAT allows Depreciation to Trust- Section 11(6) amendment is prospective

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) - ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deducti...

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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 deduction to Trust for Donation for activity which ultra vires to object clause of assessee

Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad)

Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad) In the instant case before us, we have observed that the objects of the donor viz. assessee only permitted to engage in activities to establish and run hospitals, nursing homes, welfare homes, rest houses for the good and benefit of the people, and other objects which are [&hell...

Read More

‘Hundi receipts’ in cash towards Corpus of Trust is Capital Receipt

Boyakonda Gangamma Devasthanam Vs ITO (ITAT Hyderabad)

The clinching fact that emerges here is that assessee’s ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the ‘Endowment Act’ duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law....

Read More

Section 11(2) not mandate a limitation for filing notice of accumulation in Form No. 10

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh)

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) The Tribunal adjudicating on the identical issue, has held that if form No. 10 is filed during the continuation of the assessment proceedings that should have been taken into consideration by the Assessing Officer. That non filing of the Form No. 10 within stipulated period may be ...

Read More

Budget Proposals Relating to Charitable Trusts

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 More
Posted Under: Income Tax |

Budget eliminate possibility of double deduction to Charitable Trust & Institutions

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 More
Posted Under: Income Tax |

Representation to FM on Concerns of Chartered Accountants

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 More
Posted Under: Income Tax |

ITAT Allows section 11 Exemption to NIXI

ACIT (E) V. National Internet Exchange of India (ITAT Pune)

National Internet Exchange of India Vs ACIT (ITAT Pune) National Internet Exchange of India (NIXI) is engaged in carrying out running of internet exchange and registration of domain name. For running of internet exchange, the assessee is charging membership fees, connectivity charges, data transferred differential. For registration of dom...

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ITAT allows Depreciation to Trust- Section 11(6) amendment is prospective

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur)

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deduction. The Ld. CIT(A) allowed depreciation ...

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Request to permit utilization of accumulated funds for other purposes- section 11(2)

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....

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Posted Under: Income Tax | ,

Section 11 Set-off of excess expense against income of future AY is application of Income

PCIT (Exemptions) Vs Green Wood High School (Karnataka High Court)

PCIT (Exemptions) Vs Green Wood High School (Karnataka High Court) Income derived from the trust property has also got to be computed on commercial principles and if commercial principles are applied, then adjustment of expenses incurred by the trust for charitable and religious purposes in the earlier years against the income earned by t...

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