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 : 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 : This article delves into the key amendments introduced under section 11 of the Income Tax Act, focusing on the revised timelines a...
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 : 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 : Directions are given by the Hon'ble Supreme Court right from Visakato Aureliano Fernandez Vs. State of Goa and others in respect o...
Income Tax : ITAT Ahmedabad held that denial of exemption u/s. 11 by CPC in the rectification petition not justified since the same was allowed...
Income Tax : Arya Samaj G.K.-II disputes typographical errors and exemptions u/s 11 in their appeal to ITAT Delhi for AY 2014-15. Read the full...
Goods and Services Tax : Delhi High Court held that adjudication proceedings under Customs Act, 1962; the Finance Act, 1994 and Central Goods and Services ...
Corporate Law : Supreme Court held that petition under section 11(6) of the Arbitration and Conciliation Act, 1996 is not maintainable since dispu...
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...
Section 11, deals with taxation of income from property held for charitable or religious purposes. This article aims to provide a detailed analysis of Section 11, including its provisions, scope, exclusions, and implications.
Learn about the ITAT Chennai verdict in Palaniappa Charitable Vs ITO where income from commercial activities carried out by the trust was not considered exempted from income tax.
ITAT Mumbai held that twin conditions as set out in section 11(4A) of the Income Tax Act are satisfied and income accrued from Pharmacy store is incidental to the dominant object of running Hospital. Hence, addition towards profits earned from Pharmacy Store not taxable.
NCLT Delhi subject to the observations, approved the Resolution Plan in respect of Arena Superstructures Private Limited (Corporate Debtor) as the Resolution Plan has been approved by the CoC with 71.11% of the members voting and is in accordance with the law.
Held that the goods were brought in the factory premises without having proper invoices/documents with intent to clear them clandestinely. Accordingly, confiscation and the redemption fine as well as the penalty imposed u/s. 11 AC of Central Excise Act read with Rule 25 of Central Excise Rules, 2002 is absolutely justified.
Discover the details of the ITAT Kolkata ruling in the case of India Industrial Mission Vs DCIT regarding the delay in filing Form 10B and the implications for exemption under Section 11 of the Income-tax Act.
ITAT Ahmedabad held that when application of income is more than receipts of year, excess application of income i.e., expenditure in the hands of the assessee can be carried forward to succeeding Year.
ITAT Mumbai held that reopening of assessment prior to disposing of the objections filed by the assessee is unsustainable and bad-in-law.
Karnataka High Court held that AO based on incorrect assumption treated the money collected by the trust as capitation fee under the KEI (Prohibition of Capitation Fee) Act. In absence of any violation of KEI (Prohibition of Capitation Fee) Act, exemption u/s 11 and 12 of the Income Tax Act duly available.
ITAT Chandigarh held that mere non-furnishing of copy of registration u/s 12A cannot be held as a valid and justifiable reason for denial of exemption u/s 11 of the Act where such registration continues to exist and the assessee trust duly stand registered u/s 12A for the year under consideration.
