section 11

Analysis of amendment in section 10(23)(C) & 11 of Income Tax Act-1961 by Finance Bill, 2018

Income 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....

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Analysis of Provisions related to tax on Accreted Income of Certain Trusts and Institutions

Income 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....

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Benefits of Registration u/s 12A of Income Tax Act, 1961

Income 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....

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Budget 2017: Modifications of object & filing of return by entities exempt U/s. 11 & 12

Income 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....

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Denial of exemption U/s. 11 to the total income of a trust, in view of violation of section 13(1)(c) / 13(1)(d), is not legally tenable

Income Tax - Section 11 of the Income-Tax Act, 1961 (the Act) excludes from the income of charitable or religious trusts, income to the extent it is applied towards the objects of such trusts, during the previous year in India. It may be stated here that there are several conditions laid down under section 11 of the Act, for the purpose of claiming ex...

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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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Interest on donation with specific direction to form part of corpus of trust will be exempt U/s. 11 d with specific direction o form part of corpus of trust will be exempt U/s. 11

CIT 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...

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ITAT allows exemption U/s. 11 on Income earned by Pharmacy shop in Trust Hospital

Deputy 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...

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Depreciation on assets allowable to trust despite treatment of same as Income Application : SC

Commissioner of Income tax Vs Rajasthan and Gujarat Charitable Foundation Poona (Supreme Court of India) - Assessing Officer view in disallowing the depreciation which was claimed under Section 32 of the Act was that once the capital expenditure is treated as application of income for charitable purposes, the assessees had virtually enjoyed a 100 per cent write off of the cost of assets and, therefore, t...

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Exemption U/s. 11 to 13 cannot be claimed in absence of Registration u/s 12AA

Bulandshahr Development Authority Vs Addl. Commissioner of Income tax (ITAT Delhi) - We are of the view that assesse has not filed any Certificate of Registration granted u/s. 12AA of the I.T. Act, 1961, which is mandatory for availing the exemption u/s. 11 to 13 of the Act...

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Exemption U/s. 11 cannot be Disallowed in toto for Voluntary Donations

Dy. CIT (E) Vs. Vignana Jyothi (ITAT Hyderabad) - There is also no finding that the assessee has misused or not used the donations for any other purpose than the purpose for which they have been given i.e., for educational purpose. In such circumstances, we are of the opinion that the exemption under section 11 of the Act cannot be denied in toto ...

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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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section 11’s Popular Posts

Recent Posts in "section 11"

Interest on donation with specific direction to form part of corpus of trust will be exempt U/s. 11 d with specific direction o form part of corpus of trust will be exempt U/s. 11

CIT 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 income, […]...

Read More

Analysis of amendment in section 10(23)(C) & 11 of Income Tax Act-1961 by Finance Bill, 2018

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 More
Posted Under: Income Tax |

ITAT allows exemption U/s. 11 on Income earned by Pharmacy shop in Trust Hospital

Deputy 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 not constitute business and therefore, ...

Read More

Depreciation on assets allowable to trust despite treatment of same as Income Application : SC

Commissioner of Income tax Vs Rajasthan and Gujarat Charitable Foundation Poona (Supreme Court of India)

Assessing Officer view in disallowing the depreciation which was claimed under Section 32 of the Act was that once the capital expenditure is treated as application of income for charitable purposes, the assessees had virtually enjoyed a 100 per cent write off of the cost of assets and, therefore, the grant of depreciation would amount to...

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Exemption U/s. 11 to 13 cannot be claimed in absence of Registration u/s 12AA

Bulandshahr Development Authority Vs Addl. Commissioner of Income tax (ITAT Delhi)

We are of the view that assesse has not filed any Certificate of Registration granted u/s. 12AA of the I.T. Act, 1961, which is mandatory for availing the exemption u/s. 11 to 13 of the Act...

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Exemption U/s. 11 cannot be Disallowed in toto for Voluntary Donations

Dy. CIT (E) Vs. Vignana Jyothi (ITAT Hyderabad)

There is also no finding that the assessee has misused or not used the donations for any other purpose than the purpose for which they have been given i.e., for educational purpose. In such circumstances, we are of the opinion that the exemption under section 11 of the Act cannot be denied in toto to the assessee with regard to the volun...

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Analysis of Provisions related to tax on Accreted Income of Certain Trusts and Institutions

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 More
Posted Under: Income Tax |

Section 13(3) : ITAT upheld exemption to trust who received grant from ABN AMRO Foundation & RBS Bank India

ADIT (E)-II(1) Vs. M/s. RBS Foundation India (ITAT Mumbai)

ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The assessee company has been formed with [&he...

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Donation by assessee trust to a university approved U/s. 10(23C)(vi) is for charitable purpose & eligible for section 11 exemption

Singhania Foundation Education Trust Vs. DDIT (ITAT Kolkata)

We are of the view that donation given by assessee trust to a university approved under section 10(23C)(vi) is for charitable purpose subject to verification of the basic information which were not available on record, as per Ld. DR, such as:(i) Property from which the rental income of the trust has derived, that is rental agreement and a...

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Benefits of Registration u/s 12A of Income Tax Act, 1961

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 More
Posted Under: Income Tax |
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