section 11

Exemption available for educational institutions- Section 10(23C) & 11

Income Tax - Charitable Institutions which are registered under section 12AA of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While Section 11 is a general provision and applicable to all charitable institutions, Sec 10(23C) is a specific exemption provision applicable to certain Government and Non-Gove...

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Surplus doesn’t defeat the purpose of charitable activity!

Income Tax - This article aims to highlight the meaning of 'Purpose of charitable activity' in the context of surplus arising from the activity during the period. Whether surplus defeats the purpose of charitable activity??...

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Post Finance Act 2020 applicability of Section 11 & 12 of Income Tax Act,1961

Income Tax - Amendment vides Finance Act 2020: Whether provisions of Section 11 and Section 12 of Income Tax Act, 1961 (Act) shall apply under certain conditions? The post Finance Act 2020 – Applicability of Section 11 and Section 12 of Income Tax Act, 1961 (Act): Case 1: Where approval under Section 10(23C) or Section 10(46) exist Section [&hel...

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Common errors in taxation of charitable & 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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Section 11- Income from property held for charitable or religious purposes

Income Tax - Section 11 – Made Easy – Never Before Ever After Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of  sections 60 to  63, the following income shall not be included in the total income (i.e. Exempt) of […]...

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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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Trust managing Liquid & Solid Industrial Wastes can claim section 11 exemption

DCIT- Exemptions Vs Naroda Enviro Projects Ltd. (ITAT Ahmedabad) - DCIT-Exemptions Vs Naroda Enviro Projects Ltd. (ITAT Ahmedabad) We find that main object of assessee company was converted as per Section 25 of Companies Act clarifies that assessee company is in area of environmental protection, abetment of pollution of water, air, solid, etc. generated by industri...

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Activities promoting Handloom Sector Eligible for section 11 & 12 Exemption

ITO (E) Vs Association of Corporation & Apex Societies of Handlooms (ITAT Delhi) - The issue under consideration is whether the activities involved towards promotion of handloom sector is eligible for exemption under section 11 and 12 of Income Tax Act?...

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Exemption u/s 11 & 12 was allowable to Association of State Road Transport Undertaking

DCIT Vs. Association of State Road Transport Undertaking (ITAT Delhi) - Since assessee association was providing laboratory test services and consultancy services in accordance with its charitable objects, therefore, activities could not be held to be rendered in relation to any trade, commerce or business as such activities were undertaken by assessee association in f...

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IDC receipts for State Government cannot be taxed in the Hands of Assessee

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh) - The issue under consideration is whether the CIT(A) is correct in upholding IDC receipts as normal trading receipts ignoring that the money belongs to state government?...

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Section 11/12 exemption cannot be denied for discrepancies in Unsecured Loan Verification

DCIT (E) Vs Lotus Education Society (ITAT Jaipur) - The issue under consideration is whether denial of the exemption under section 11/12 due to various discrepancies found in verification of unsecured loans is justified in law?...

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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"

Trust managing Liquid & Solid Industrial Wastes can claim section 11 exemption

DCIT- Exemptions Vs Naroda Enviro Projects Ltd. (ITAT Ahmedabad)

DCIT-Exemptions Vs Naroda Enviro Projects Ltd. (ITAT Ahmedabad) We find that main object of assessee company was converted as per Section 25 of Companies Act clarifies that assessee company is in area of environmental protection, abetment of pollution of water, air, solid, etc. generated by industrial units in and around Vatva and Odhav a...

Read More

Activities promoting Handloom Sector Eligible for section 11 & 12 Exemption

ITO (E) Vs Association of Corporation & Apex Societies of Handlooms (ITAT Delhi)

The issue under consideration is whether the activities involved towards promotion of handloom sector is eligible for exemption under section 11 and 12 of Income Tax Act?...

Read More

Exemption u/s 11 & 12 was allowable to Association of State Road Transport Undertaking

DCIT Vs. Association of State Road Transport Undertaking (ITAT Delhi)

Since assessee association was providing laboratory test services and consultancy services in accordance with its charitable objects, therefore, activities could not be held to be rendered in relation to any trade, commerce or business as such activities were undertaken by assessee association in furtherance of its main objects which wer...

Read More

Exemption available for educational institutions- Section 10(23C) & 11

Charitable Institutions which are registered under section 12AA of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While Section 11 is a general provision and applicable to all charitable institutions, Sec 10(23C) is a specific exemption provision applicable to certain Government and Non-Gove...

Read More
Posted Under: Income Tax |

Surplus doesn’t defeat the purpose of charitable activity!

This article aims to highlight the meaning of 'Purpose of charitable activity' in the context of surplus arising from the activity during the period. Whether surplus defeats the purpose of charitable activity??...

Read More
Posted Under: Income Tax |

Post Finance Act 2020 applicability of Section 11 & 12 of Income Tax Act,1961

Amendment vides Finance Act 2020: Whether provisions of Section 11 and Section 12 of Income Tax Act, 1961 (Act) shall apply under certain conditions? The post Finance Act 2020 – Applicability of Section 11 and Section 12 of Income Tax Act, 1961 (Act): Case 1: Where approval under Section 10(23C) or Section 10(46) exist Section [&hel...

Read More
Posted Under: Income Tax |

IDC receipts for State Government cannot be taxed in the Hands of Assessee

Infrastructure Development Fund Vs DCIT (ITAT Chandigarh)

The issue under consideration is whether the CIT(A) is correct in upholding IDC receipts as normal trading receipts ignoring that the money belongs to state government?...

Read More

Section 11/12 exemption cannot be denied for discrepancies in Unsecured Loan Verification

DCIT (E) Vs Lotus Education Society (ITAT Jaipur)

The issue under consideration is whether denial of the exemption under section 11/12 due to various discrepancies found in verification of unsecured loans is justified in law?...

Read More

Common errors in taxation of charitable & religious organization

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 ...

Read More
Posted Under: Income Tax |

Section 11- Income from property held for charitable or religious purposes

Section 11 – Made Easy – Never Before Ever After Section 11 of Income Tax Act, 1961- Income from property held for charitable or religious purposes Sub Section (1) of Section 11 Subject to the provisions of  sections 60 to  63, the following income shall not be included in the total income (i.e. Exempt) of […]...

Read More
Posted Under: Income Tax |

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