Income received from a charitable/religious trust will be tax-exempt under Section 11, provided that the activity being performed is incidental to the attainment of objectives set by the trust/institution, and separate books of account are maintained by the particular trust/institution pertaining to the business. In this article, we look at some of the major exemptions provided under Section 11 of the Income Tax Act.
Income Tax : Learn why exemptions claimed under the wrong section in Income Tax Returns can be rectified under Section 154. Explore legal prece...
Income Tax : Understand the latest amendments impacting Charitable Trusts from April 1, 2024. Learn about amendments in Section 11 of the Incom...
Income Tax : Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payme...
Income Tax : Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institu...
Corporate Law : Explore Section 11 of Trademarks Act, 1999, detailing grounds for refusal. Learn how to avoid trademark objection and enhance regi...
Income Tax : Dive into Lok Sabha Unstarred Question No. 2302 to understand the tax exemption status of BCCI, potential changes, and insights in...
CA, CS, CMA : ICAI clarified that application of funds can only be made on actual payment basis in case of charitable trusts. This amendment is ...
Income Tax : These instructions are guidelines to help the taxpayers for filling the particulars in CSV template in Part-B Details of donors an...
Income Tax : CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala S...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
Income Tax : Gujarat High Court ruled on N H Kapadia Education Trust vs ACIT, addressing the corpus donation eligibility for exemption under Se...
Income Tax : Explore ITAT Delhi's ruling on dividend income exemption under section 11 of IT Act 1961. Detailed analysis of judgment against Re...
Income Tax : Explore the Delhi High Court's judgment on ITSC's conclusive nature for AY, assessing reassessment under Section 148 of the Income...
Income Tax : ITAT Mumbai rules on DCIT vs Gem and Jewellery Export Promotion Council case, clarifying exhibition activities are not trade and c...
Income Tax : The ITAT Mumbai upholds exemptions for the Catholic Education Society under Section 11 of the Income Tax Act, dismissing the Reven...
Income Tax : NOTIFICATION NO. 03/2016 Exercise of option etc under section 11. (1) The option to be exercised in accordance with the provisions...
Income Tax : Part III of the Standard Operating Procedure (SOP) (Part I - 08.07.2015) for making application for claim of tax exemption u/s 11(...
Income Tax : Many NGOs and Charitable Organizations in India have expressed desire to support relief and rehabilitation work for the benefit of...
Corporate Law : Section 11 of the Special Economic Zones Act, 2005 – Development Commissioner – Rescission of all previous notifications appoi...
SEBI : Format for the quarterly report on venture capital activity to be submitted by Foreign Venture Capital Investors has been revised ...
Analysis of the CESTAT Chennai order in Axon Drugs (P) Ltd Vs Commissioner of GST & Central Excise case. Discover why directing excise refund to Consumer Welfare Fund was deemed unjust.
This article delves into the fundamental aspects of not-for-profit companies elucidating their purpose, key features, authorized activities, benefits, and their distinctive role in promoting social welfare. By examining recent legislative developments and exploring the core attributes of not-for-profit companies, this article aims to shed light on their significance in the broader societal context.
CESTAT Chennai held that penalty u/s 114(i) of the Customs Act, 1962 imposable as CHA has abetted or facilitated, may be deliberate or negligent, an illegal attempted export of prohibited goods i.e. Red Sanders wood pillars and tops.
Assessing Officer’s claims on the irregularity of additional salary payments are unfounded, says ITAT. When payments are made via cheque and duly recorded, there’s no reason to treat them as ‘outside the books.’ The assessee provided evidence that these are year-end calculations, not fictitious transactions. The additional salaries are legitimate and shouldn’t be interpolated for 12 months.
ITAT Bangalore remanded the matter back to AO for fresh consideration as assessee didn’t proved existence of business exigency in making payment in cash and AO didn’t carried necessary enquiry before making addition u/s 40A(3) of the Income Tax Act.
ITAT Jaipur held that assessee trust under the umbrella of Dayanand Saraswati University, Ajmer is genuinely performing its activities and objects of imparting education to the students coming off from poor or middle class families. Accordingly, denial to register the trust u/s 12AA of the Income Tax Act unjustified.
ITAT referred to SC’s judgment in CIT v. Rajasthan & Gujarati Charitable Foundation, Poona, which stated that an entity could claim both depreciation and application of income on asset in its purchase year.
Delhi High Court intervenes in Oxfam India’s tax reassessment case, issuing a stay on proceedings. A comprehensive analysis of the Delhi HC order and its implications.
CESTAT Ahmedabad it is settled legal position that cenvat credit on the sugar cess paid as part of CVD in respect of import of raw sugar is duly available.
Jharkhand High Court concludes labor cess doesn’t apply to material supply and consultancy charges. Get a comprehensive analysis of the judgment here.
