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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Master the step-by-step approach for filing Form 10BD for the Financial Year 2021-22. Unveil the intricacies, key instructions, and essential details you should know before initiating the process. From compiling donation data to filing and issuing Form 10BE, this comprehensive guide provides insights, ensuring a seamless filing experience.
These instructions are guidelines to help the taxpayers for filling the particulars in CSV template in Part-B Details of donors and donation relevant to the Financial Year.
Learn about the application process and time limits for registration under Sections 11 and 12AB for a Public Trust.
Under Income Tax Act 1961, there are only 3 sections are pertaining to Charitable and Religious Trust, i.e. Sections 11, 12 and 13. As per section 2(15), charitable purpose includes relief of the poor, education, yoga, medical relief, preservation of environment ( including watersheds, forest and wild life ) and preservation of monuments or places […]
The Mumbai Tribunal has allowed relief to BCCI and directed CIT to grant registration under Section 12A citing that BCCI is still promoting the game of cricket.
Since assessee was not earning any profit as the main object of assessee was to improve the public transport system in the country and the road safety standards and activities of laboratory testing and consultancy are bringing revenue to the assessee-association but intent of such activities is not to earn profit for its shareholders/owners, therefore, exemption under section 11 could not be denied to assessee.
Non filing of Form 10 within the prescribed time u/s 11(2) Exemptions are provided to Charitable & Religious Trusts 1) Unconditionally, u/s 11(1) of the Act to the extent it does not exceed 15% of the income from such property; 2) Conditionally, u/s 11(2) of the Act, without any upper limit on fulfillment of the […]
Where main object or purpose of assessee s charitable trust was promotion of sports and swimming, merely because trust collected certain charges from coaching campus, same could not alter its character of being charitable.
DCIT Vs Ernet India (ITAT Delhi) The facts in brief are that assessee is an Autonomous Society under the Department of Information & Technology, Ministry of Communication & Information Technology, Government of India, which was established as a non-profitable organization. It was registered under Section 12A of the Act vide certificate / order dated 26.03.2004. […]
ITO Vs Indian Youth Centre Trust (ITAT Delhi) The assessee company is a trust registered u/s 12A of the Act and is also registered u/s 80G(5)(vi). The return filed by the assessee trust was subjected to the scrutiny assessment. In the course of the scrutiny assessment the Assessing Officer took a view that the receipts […]