section 11

Contradiction in Intention and Implementation: Amendments in section 11 of income tax act, 1961

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...

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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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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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Exemptions u/s 11(1)(d) cannot be denied for mere non claim in ITR

ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) - ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) Appellant is a trust registered under section 12AA and filed its return of income on 29.09.2014 declaring a Nil income. During the year, appellant received Rs.50.00 lakh from National Institute of Rural Development, Governme...

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Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11

The ACIT (Exemptions) Vs State Examination Board (ITAT Ahmedabad) - Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11of Income Tax Act, 1961 and provisions of Section 11(3)(c) of the Act clearly permits to utilize the funds either within the specified period or in the next year immediately following the expiry of the period ...

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Penalty U/s. 271B not leviable if Assessee had Bona fide belief that accounts not liable for audit U/s. 44AB

United Education Society, C/o NIMT College Vs JCIT (ITAT Delhi) - United Education Society Vs JCIT (ITAT Delhi)  Undisputedly, the assessee society is registered under section 12A of the Act as a charitable trust engaged in charitable activities for imparting education through its colleges. It is also not in dispute that the assessee society has been claiming exe...

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Exemption claimed cannot be denied for mere wrong Punching in ITR due to Oversight

The Institute of Chartered Accountants of India Vs ACIT (ITAT Delhi) - The appeal by the assessee is directed against the order dated 09.03.2017 of the learned CIT(A)-40, Delhi. Following grounds have been raised in this appeal ...

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Transport facility by School is incidental to main object of education

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi) - Challenging the order dated 02.03.2015 in Appeal No 98/13-14/GZN/63 for the assessment year 2010-11 passed by the learned Commissioner of Income-tax (Appeals), Muzaffarnagar (for short hereinafter called as the learned CIT(A)), the assessee preferred this appeal....

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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"

Exemptions u/s 11(1)(d) cannot be denied for mere non claim in ITR

ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore)

ITO (Exemptions) Vs M/s. Syndicate Rural Development Trust (ITAT Bangalore) Appellant is a trust registered under section 12AA and filed its return of income on 29.09.2014 declaring a Nil income. During the year, appellant received Rs.50.00 lakh from National Institute of Rural Development, Government of India, as a part of grant of Rs.10...

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Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11

The ACIT (Exemptions) Vs State Examination Board (ITAT Ahmedabad)

Income Transferred from Capital Fund A/c to Income is eligible for deduction U/s. 11of Income Tax Act, 1961 and provisions of Section 11(3)(c) of the Act clearly permits to utilize the funds either within the specified period or in the next year immediately following the expiry of the period ...

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Penalty U/s. 271B not leviable if Assessee had Bona fide belief that accounts not liable for audit U/s. 44AB

United Education Society, C/o NIMT College Vs JCIT (ITAT Delhi)

United Education Society Vs JCIT (ITAT Delhi)  Undisputedly, the assessee society is registered under section 12A of the Act as a charitable trust engaged in charitable activities for imparting education through its colleges. It is also not in dispute that the assessee society has been claiming exemption under section 11 of the Act on th...

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Exemption claimed cannot be denied for mere wrong Punching in ITR due to Oversight

The Institute of Chartered Accountants of India Vs ACIT (ITAT Delhi)

The appeal by the assessee is directed against the order dated 09.03.2017 of the learned CIT(A)-40, Delhi. Following grounds have been raised in this appeal ...

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Transport facility by School is incidental to main object of education

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi)

Challenging the order dated 02.03.2015 in Appeal No 98/13-14/GZN/63 for the assessment year 2010-11 passed by the learned Commissioner of Income-tax (Appeals), Muzaffarnagar (for short hereinafter called as the learned CIT(A)), the assessee preferred this appeal....

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Section 40(a)(ia) not applicable to charitable or religious trust before 01.04.2019

Pediatric Infectious Diseases Academy Vs I.T.O. (ITAT Kolkata)

Where the income of the assessee was exempt under section 11 and the assessee was not carried on the business, section 40(a)(ia) had no application. Moreover, the insertion of Explanation 3 to Section 11 by the Finance Act, 2018 making inter alia the provisions of Section 40(a)(ia) applicable in case of charitable or religious trust or in...

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Mere receipt in excess of limit in proviso to section 2(15) would not result in cancellation of registration U/s. 12AA

M/s Mumbai Port Trust Vs DIT (Exemption) (ITAT Mumbai)

This appeal by assessee under section 253 of income tax act is directed against the order of Director of Income tax (Exemptions) Mumbai, dated 22 November 2011 for assessment year 2009-10. The assessee has raised following grounds of appeal...

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Exemption U/s. 11 on Importing, developing & distributing Bar code technology to Business

DCIT(E) Vs GS 1 India (ITAT Delhi)

DCIT(E)  Vs GS 1 India Assessee is a society involved in importing, developing and distributing of Bar code technology to be used by various manufacturers and industries which is for the general benefit of public at large. However, during the scrutiny of the return of income of the assessee for the AY 2011-12, AO made […]...

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45% profit from educational activities establishes profit motive of trust and exemption U/s. 11 cannot be allowed

IILM Foundation Vs. ADIT (ITAT Delhi)

Where assessee- trust was earning profit up to 45% from its educational activities, it was clearly proved that it was existed for profit because profit up to 15% could be said reasonable and legitimate, hence, addition was rightly made....

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Exemption U/s. 11 cannot be denied merely because func­tion hall was let out on rent for various activities

ITO Vs. Kalinga Cultural Trust (ITAT Hyderabad)

Where an institution is not driven primarily by a desire or motive to earn profits but to do charity through the advancement of an object of general public utility, it cannot but be regarded as an institution established for charitable purposes and proviso to section 2(15) could not be applied so as to deny exemption under section 11....

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