section 11

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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Educational and Medical Institutions – Heed the wake-up call!

Income Tax - The Finance (No.2) Act 1998 has made far-reaching changes in the provisions of Income-Tax Act 1961 relating to the taxation of educational and medical institutions. The reasons for the same, as stated in the Finance (No.2) Bill 1998, are as follows:...

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Common errors in taxation of charitable and religious organization

Income Tax - Very often we get involve in rendering of professional services to charitable and religious organization commonly called as NGO, NPO etc. These services include Auditing, Accounting, Taxation, consultancy, foreign transaction related issues etc. In this regard as far as taxation services are concerned some common errors frequently happen ...

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Income Tax : Trust Registration and Tax Rate

Income Tax - Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, exemption under section 11. The term religious purpose is not defined under the Income-Tax Act. However, Section 2(15) of the Act defines charitable purpose to include reli...

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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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Challenge pending cannot be equated to challenge succeeding: Bombay HC

CIT Vs Bharati Vidyapeeth (Bombay High Court) - CIT Vs Bharati Vidyapeeth (Bombay High Court); The only argument is, namely, if the Revenue succeeds in the Appeal challenging the order of the Tribunal restoring assessee’s registration, then it may be open for the Revenue to tax its income and by holding that both Sections 11 and 12 of the I...

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Tax Exemption cannot be denied to Trust not meant for one particular religious community

CIT (Exemptions) Vs. M/s. Indian Society Of The Church Of Jesus Christ Of Latter Day Saints (Delhi High Court) - It has been found that the activities of the Assessee Society, though both religious and charitable, were not exclusively meant for one particular religious community. It was, therefore, rightly not denied exemption under Section 11 of the Act....

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Section 11 exemption cannot be denied for receipt of fees from non-members

DCIT (E) Vs. PHD Chamber Of Commerce And Industry (ITAT Delhi) - Assessee is an association of professional and businessman to protect and promote the interest of its members. The income of the assessee is from membership fees from its members, specialized services, services and facilities, meetings, seminars and training programmes, sale of publication etc. It i...

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Exemption U/s. 11 cannot be denied for delayed-filing of audit report alongwith return due to seizure of accounts

DIT(E) Vs. Vishwa Hindu Parishad (Delhi High Court) - Conclusion: Where assessee trust could not file audit report as its accounts having been seized were released for quite a shorter time period before filing of return, however, the audit report had been filed along with revised return filed by assessee even before last date prescribed for completion ...

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No exemption U/s. 11 on acquisition of assets from borrowed funds

Deputy Commissioner of Income-tax (E) Vs M/s. Peoples Education Society (ITAT Bangalore) - In M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act....

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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"

Challenge pending cannot be equated to challenge succeeding: Bombay HC

CIT Vs Bharati Vidyapeeth (Bombay High Court)

CIT Vs Bharati Vidyapeeth (Bombay High Court); The only argument is, namely, if the Revenue succeeds in the Appeal challenging the order of the Tribunal restoring assessee’s registration, then it may be open for the Revenue to tax its income and by holding that both Sections 11 and 12 of the IT Act have no application […]...

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Tax Exemption cannot be denied to Trust not meant for one particular religious community

CIT (Exemptions) Vs. M/s. Indian Society Of The Church Of Jesus Christ Of Latter Day Saints (Delhi High Court)

It has been found that the activities of the Assessee Society, though both religious and charitable, were not exclusively meant for one particular religious community. It was, therefore, rightly not denied exemption under Section 11 of the Act....

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Section 11 exemption cannot be denied for receipt of fees from non-members

DCIT (E) Vs. PHD Chamber Of Commerce And Industry (ITAT Delhi)

Assessee is an association of professional and businessman to protect and promote the interest of its members. The income of the assessee is from membership fees from its members, specialized services, services and facilities, meetings, seminars and training programmes, sale of publication etc. It is also noted that the income of the asse...

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Exemption U/s. 11 cannot be denied for delayed-filing of audit report alongwith return due to seizure of accounts

DIT(E) Vs. Vishwa Hindu Parishad (Delhi High Court)

Conclusion: Where assessee trust could not file audit report as its accounts having been seized were released for quite a shorter time period before filing of return, however, the audit report had been filed along with revised return filed by assessee even before last date prescribed for completion of assessment, AO was not justified in d...

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No exemption U/s. 11 on acquisition of assets from borrowed funds

Deputy Commissioner of Income-tax (E) Vs M/s. Peoples Education Society (ITAT Bangalore)

In M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act....

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Donation to uplift living condition of manual scavengers form part of Corpus despite no specific instruction

Pr. Commissioner of Income Tax Vs Gujarat Rural Industries Marketing Corporation (Gujarat High Court)

The issue is one, namely, whether the assessee was entitled to claim benefit of section 11(1)(d) of the Income Tax Act,1961 with respect to Government grant of Rs. 8.97 crores received during the assessment year in question. ...

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Exemption to State Cricket Association cannot be denied for providing stadium to conduct matches

DCIT (Exemptions) Vs M/s Tamil Nadu Cricket Association, (ITAT Chennai)

Whether the activity of conducting one-day matches'T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade? ...

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Exemption cannot be denied to a Trust merely for Profits from Publishing / Selling of School Books

Delhi Bureau Of Text Books Vs Director of Income Tax (E) (Delhi High Court)

The textbooks are provided by the Assessee to the students at subsidised rates. Even the textbooks books, reading materials and school bags are being distributed free to deserving students. The essential activity of the Assessee is connected with 'education' and nothing else....

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Delhi HC allows IT exemption to VHP for ban period post Babri Masjid Demolition

Director of Income Tax Vs Vishwa Hindu Parishad (Delhi High Court)

The division bench of the Delhi High Court confirmed the Income Tax exemption granted to the Viswa Hindu Parishad (VHP) for the period in which they were banned by the government under UAP Act....

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Income Tax Exemption to MIG Cricket Club under department scanner

MIG Cricket Club Vs Director of Incometax (ITAT Mumbai)

We are prima facie of the opinion that the activities of the assessee of Banquet Hall Hiring, Hospitality (Restaurants) and Permit Room (Bar) are in the nature of carrying on trade, commerce, or business for consideration, which are hit by proviso to Section 2(15) of 1961 Act. ...

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