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...
Corporate Law : NCLT Bengaluru held that claims filed at a belated stage after approval of resolution plan by the Committee of Creditors (CoC) can...
Income Tax : Rajasthan High Court dismisses IT Department's appeal, upholding Jaipur Development Authority's exemption under Section 11 of the ...
Income Tax : Punjab and Haryana High Court held that the construction of Public Library would also form part of charitable function and any wor...
Income Tax : ITAT Bangalore held that propagation of vedic thoughts and philosophy is not religious activity but are more concerned with the li...
Goods and Services Tax : Supreme Court held that the Purchase Price as defined u/s. 2(18) of the Gujarat Value Added Tax Act, 2003 would not include purcha...
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 ...
Tax exemption to charitable organisations proposed in Finance Bill 2023 – Suggestions. Government provides incentive for public welfare in form of tax exemption. Benefits of the Tax Act Section 11 for charitable organisations.
Requirement of furnishing audit report in Form No. 10B before due date prescribed in section 44AB mandatory w.e.f. 1.4.2020 only.
ITAT Chennai held that renting of auditorium for the purpose of conducting guest lectures or topics to address the students is incidental to fulfilment of the object of the trust i.e. education. Accordingly, exemption under section 11 of the Income Tax Act available.
ITAT held that assessee cannot be denied benefit of exemption for which it is entitled merely on the lapse of procedural requirement i.e. delay in filing audit report in prescribed form.
ITAT note that the benefit of deduction u/s 11 of the Act has been denied by the authorities below primarily on the reasoning that the trust was not registered under the provision of section 12A of the Act.
Exemption otherwise available to the assessee trust under section 11 cannot be denied merely on account of delay in furnishing of audit report in form 10B as required under section 12A(b) of the Act.
Ruikar Trust Vs ACIT (CPC) (ITAT Pune) Brief facts relating to the case are that the assessee is a charitable trust. The assessee claimed exemption u/s. 11 of the Act in the return of income. The CPC, Bangalore denied the said exemption for non-filing of Form 10 within time. Having aggrieved, the assessee challenged the […]
ITAT Delhi held that benefit of exemption u/s. 11 of the Income Tax Act duly available as the income tax return was filed within the specified time limit of sub-section 139 of the Income Tax Act.
Assessment proceedings commence with filing of Income Tax return and not when notice is issued for the first time under section 143(2)
ITAT held that Corpus donations received by Trusts, which is not registered u/s.12A/12AA of Income Tax Act, are not taxable as they assume the nature of ‘Capital receipt’ the moment donations are given to ‘Corpus of Trust’