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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...
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 - Section 2(15) defines Charitable Purpose and sections 11, 12, 12A, 12AA and 13 of the Income –tax Act, are the main sections that deal with scheme of taxation exemption in respect of income of charitable or religious trusts/institution....
Read MoreIncome Tax - The existing provisions of section 1 2A of the Act provide for conditions for applicability of sections 11 and 12 in relation to the benefit of exemption in respect of income of any trust or institution....
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 MoreCIT Vs. Patanjali Yogpeeth (NYAS) (Delhi High Court) - Dissemination of Yoga or vedic philosophy or the practice of yoga or education with respect to yoga was well within the larger term ‘medical relief’ as covered within section 2(15)....
Read MoreCIT Vs Rajasthan and Gujarati Charitable Foundation (Supreme Court of India) - CIT Vs Rajasthan and Gujarati Charitable Foundation (Supreme Court of India) Depreciation allowable in assets cost of which has already been allowed as application of income. Amendment in section 11(6) restricting depreciation in such came is prospective in nature. These are the petitions and appeal...
Read MoreITO(E) Vs. M/s Young Women’s Christian Association of Delhi (ITAT Delhi) - ITO (E) Vs. M/s Young Women’s Christian Association of Delhi (ITAT Delhi) Unrecognized courses are also comes within the meaning of education or in other words, it can be said that the charitable purposes includes relief to the poor, education (yoga), medical relief, preservation of environment an...
Read MoreCIT Vs Mata Amrithanandamayi Math (Karala High Court) - CIT Vs Mata Amrithanandamayi Math (Karala High Court) A reading of section 11 shows that subject to the provisions of sections 62 and 63, the incomes enumerated therein shall not be included in the total income of the previous year of the person in receipt of the income. The person in receipt of the...
Read MoreDeputy Commissioner of Income Tax Vs National Health & Education Society (ITAT Mumbai) - DCIT Vs National Health & Education Society (ITAt Mumbai) CIT(A) relying upon the order of its predecessor in AY 2010-11 & 2011-12 allowed the appeal of the assessee on the premises that operation of the pharmacy shop was intrinsic to the activities of the assessee and not incidental and did...
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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CIT Vs. Patanjali Yogpeeth (NYAS) (Delhi High Court) -
CIT Vs Rajasthan and Gujarati Charitable Foundation (Supreme Court of India) -
ITO(E) Vs. M/s Young Women’s Christian Association of Delhi (ITAT Delhi) -
CIT Vs Mata Amrithanandamayi Math (Karala High Court) -
Deputy Commissioner of Income Tax Vs National Health & Education Society (ITAT Mumbai) -
Commissioner of Income tax Vs Rajasthan and Gujarat Charitable Foundation Poona (Supreme Court of India) -
Bulandshahr Development Authority Vs Addl. Commissioner of Income tax (ITAT Delhi) -
Dy. CIT (E) Vs. Vignana Jyothi (ITAT Hyderabad) -
