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 : The Finance Bill 2025 introduces amendments for trust registration, extending validity to 10 years for certain trusts and clarifyi...
Income Tax : Understand the audit requirements for trusts under Form 10B/10BB, including due dates, filing process, clauses, and key difference...
Income Tax : New Application for Condonation of Delay in Filing Forms 9A, 10, 10B, and 10BB Post 18th November 2024 as per Circular No. 16/2024...
Income Tax : ITAT Delhi upholds CIT(E) order in ITO Vs Mehta Charitable Prajanalaya Trust, disallowing unrelated expenses and clarifying deduct...
Income Tax : AQs on charitable trusts, covering registration under Section 12AB, income tax rules, donation management, audit requirements, and...
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 : ITAT Mumbai restores rejection of Sports Unlimited Foundation's 12AB and 80G registration over foreign expenditure concerns, direc...
Income Tax : The bench stated that Tribunal after concluding that the BCCI's Appeal before it “was not maintainable”, exceeded its jurisdic...
Income Tax : ITAT Delhi held that accumulation under section 11(1)(a) of the Income Tax Act is to be allowed at 15% of gross receipts. Accordin...
Income Tax : ITAT Pune rules that the tax department cannot deny exemption under Section 11 for non-filing of the original 12A certificate when...
Income Tax : M.M. Patel Charitable Trust Vs PCIT (Central) (ITAT Pune) In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Pune h...
Income Tax : CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024....
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...
AQs on charitable trusts, covering registration under Section 12AB, income tax rules, donation management, audit requirements, and tax on anonymous donations.
This article delves into the key amendments introduced under section 11 of the Income Tax Act, focusing on the revised timelines and conditions for filing forms, setting apart or accumulating trust income, and the nuances of applying corpus funds. Understanding these changes is crucial for trustees to ensure compliance and optimize the financial management of their trusts.
Delhi ITAT rules that the requirement of filing Form 10B is procedural, allowing Section 11 exemption for an educational trust despite delayed filing.
NCLT Bengaluru held that claims filed at a belated stage after approval of resolution plan by the Committee of Creditors (CoC) cannot be allowed. Thus, resolution professional rightly rejected such belated claims.
Rajasthan High Court dismisses IT Department’s appeal, upholding Jaipur Development Authority’s exemption under Section 11 of the Income Tax Act.
Punjab and Haryana High Court held that the construction of Public Library would also form part of charitable function and any work done with the same purpose is eligible for granting exemption under Section 80G of the Income Tax Act, 1961.
ITAT Bangalore held that propagation of vedic thoughts and philosophy is not religious activity but are more concerned with the life style of the human beings and therefore is eligible for approval under section 80G of the Income Tax Act.
Supreme Court held that the Purchase Price as defined u/s. 2(18) of the Gujarat Value Added Tax Act, 2003 would not include purchases on which no value added tax was claimed nor granted.
Associated Chambers of Commerce And Industry of India Vs Deputy Commissioner of Income Tax & Ors. (Delhi High Court) Delhi High Court held that action of reassessment merely on the allegation of delayed digital filing of Form 10 without based on the formation of an opinion that income chargeable to tax has escaped assessment. Facts- […]
Karnataka High Court held that department appeal under section 377 of Cr.P.C. against sentence on the ground of its inadequate dismissed as filing of an appeal lies in the Court of Sessions instead of High Court.
