Income Tax - Request to the Hon’ble Finance Minister to be Charitable to the charitable organisations There are various organizations such as public charitable trusts/Institutions, section 8 companies, NPOs and NGOs that have a sole mission to make the world a better place. Some organizations are set up to serve society. These organizations do not w...
Read MoreIncome Tax - Charitable institution, society or trust should ‘solely’ engage itself in educational activities and not in any activity of profit to enjoy tax exemption The Hon’ble Supreme Court in M/s. New Noble Educational Society, v. The Chief Commissioner of Income Tax 1 [Civil appeal no. 3795 of 2014 dated October 19, 2022] has held that for ...
Read MoreIncome Tax - PROFIT ORIENTED INSTITUTIONS CANNOT CLAIM TAX EXEMPTION U/S 10(23C), EDUCATION MUST BE ‘SOLE’ OBJECTIVE-SUPREME COURT The Supreme court has provided a landmark judgement in the case of New Noble Educational Society vs Chief Commissioner of Income Tax 1 and ANR held that the educational trust or society, which seek exemption un...
Read MoreIncome Tax - Often, the revenue authorities refuse to accept the deposits with a co-operative society as deposits in compliance with Section 11(5). The following analysis of the judicial pronouncement would clarify the situation: 1 Section 11(5) provides that forms and modes of investing or depositing the money referred to in clause (b) of sub-section...
Read MoreIncome Tax - Section 13(1)(d) prohibits the exemption of any sum invested or deposited otherwise than any mode specified u/s 11(5) Income from property held for Charitable or Religious purposes are to be invested in forms and modes on investing or depositing the money referred to in clause (b) of sub-section(2) of Section 12 of the Income Tax [&hellip...
Read MoreIncome Tax - ICAI clarified that application of funds can only be made on actual payment basis in case of charitable trusts. This amendment is made vide Finance Act, 2022 and is applicable for assessment year 2022-2023 and subsequent assessment years. Direct Taxes Committee The Institute of Chartered Accountants of India 1st September, 2022 Subject: A...
Read MoreIncome Tax - These instructions are guidelines to help the taxpayers for filling the particulars in CSV template in Part-B Details of donors and donation relevant to the Financial Year....
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 MoreMaharaja Shivchatrapati Pratishthan Vs Tax Recovery Officer (ITAT Pune) - ITAT Pune held that as receipts from business activity is more than 20% of the total receipts, character of charitable purpose as given in section 2(15) will be lost and accordingly, exemption under section 11 of the Income Tax Act not available....
Read MorePushp Niketan School Samiti Vs ITO (ITAT Delhi) - Pushp Niketan School Samiti Vs ITO (ITAT Delhi) It is seen that the assessee has filed written submission wherein it is stated that same amount shown as other income in the P&L Account including interest of FDR and saving accounts of Rs.83,008/- and other charges i.e. income of fine, Lab fee, Fo...
Read MoreShree Bhartimaiya Memorial Foundation Vs ACIT (ITAT Ahmedabad) - ITAT Ahmedabad held that only profit and gains derived from the incidental business of charitable-trust would qualify as income for computing statutorily allowed accumulation of 15% in terms of section 11(1)(a) of the Income Tax Act....
Read MoreNandkishor Education Society Vs ACIT (ITAT Pune) - When donations forming corpus of assessee’s trust received with specific purpose are capital in nature. ITAT held that corpus specific voluntary donations are not taxable in case of unregistered trust...
Read MoreGooru India Foundation for Learning Innovation Vs DCIT (ITAT Pune) - ITAT Pune held that claim for exemption of income under section 11 of the Income Tax Act deniable as Form No. 10B was not submitted along with the return of income nor it was submitted before processing of return of income....
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 MoreMaharaja Shivchatrapati Pratishthan Vs Tax Recovery Officer (ITAT Pune) -
Pushp Niketan School Samiti Vs ITO (ITAT Delhi) -
Shree Bhartimaiya Memorial Foundation Vs ACIT (ITAT Ahmedabad) -
Nandkishor Education Society Vs ACIT (ITAT Pune) -
Gooru India Foundation for Learning Innovation Vs DCIT (ITAT Pune) -
CIT (E) Vs Servants Of People Society (Delhi High Court) -
Ride A Cycle Foundation Vs ITO (ITAT Bangalore) -
Maharaja Shivchatrapati Pratishthan Vs ITO (ITAT Pune) -
DCIT (Exemptions) Vs Nabajuga Educational And Charitable Trust (ITAT Cuttack) -