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.
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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...
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Read the detailed analysis of the CESTAT Allahabad order directing the Commissioner of Customs to return seized gold, ruling it wasn’t smuggled. Learn about the case of Commissioner of Customs (Preventive) vs. Sai Max Jewelers.
Bombay High Court grants petition, orders JCIT to provide copy of exemption certificate under Section 12A of Income Tax Act to Sai Baba Sewa Mandal.
Explore how the Bombay High Court ruled against reopening Section 143(1) assessments without valid reasons, safeguarding taxpayers’ rights. Detailed analysis and implications.
Learn why exemptions claimed under the wrong section in Income Tax Returns can be rectified under Section 154. Explore legal precedents and guidelines for taxpayers.
Understand the latest amendments impacting Charitable Trusts from April 1, 2024. Learn about amendments in Section 11 of the Income Tax Act, corpus donations, deductions, and audit report requirements.
Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payments to avoid penalties and interest.
Explore the ITAT Bangalore case involving depreciation income versus deferred grant income, directing re-adjudication for proper application under Section 11.
Bombay High Court overturns ruling categorizing body massager as adult sex toy, finding officer’s perception not backed by law. Read the detailed analysis.
Delve into the case of Asha Modern Educational Society challenging the denial of income application for charitable purpose under Sections 11 & 12 of the IT Act. Detailed analysis and conclusions provided.
Anjana Foundation Vadodara vs A.O.: Ahmedabad ITAT clarifies that advance filing of Form 10B isn’t mandatory for claiming exemption under Sections 11 & 12.
