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...
Corporate Law : Supreme Court held that as there was no privity of contract between the concerned parties therein, no ‘deficiency’ would arise...
Income Tax : ITAT Delhi remanded the matter back to the file of AO to re-consider the activities of assessee trust vis-à-vis its coverage unde...
Income Tax : ITAT Delhi held that Transfer Pricing Adjustment in respect of transaction of payment of royalty is set aside and Transfer Pricing...
Income Tax : Delhi High Court held that application of funds by Indian Broadcasting Foundation in BARC doesn’t qualify as deployment was not ...
Income Tax : ITAT Pune held that Association of Person (AOP) taxable at Normal Rates instead of Maximum Marginal Rate (MMR) as provisions of se...
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...
SC dismisses IT Dept’s plea on excess expenditure set-off by trusts under Section 11 of the Income Tax Act in Subros Educational Society case.
Madras HC quashes tax demand against Pavai Varam Trust, ruling that returns were filed within extended deadlines under COVID-19 relaxations.
It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differences between the facts of the present case and those of the earlier assessment years.
ITAT Cuttack held that revisionary proceedings under section 263 of the Income Tax Act is liable to be quashed since assessee is entitled for exemption u/s. 11 and hence twin conditions are not satisfied in as much as there is no loss of revenue.
ITAT Mumbai remands Rotary Charity Trust’s 80G approval case due to an inadvertent section error in Form 10AB. Matter sent back for reconsideration.
Lease premium and other charges received by assessee on behalf of the Government of Maharashtra and the ownership of the land remained with the State Government. Assessee’s role was confined to the development and management of industrial areas.
The Finance Bill 2025 introduces amendments for trust registration, extending validity to 10 years for certain trusts and clarifying specified person provisions.
ITAT Raipur held that exemption under section 11 and section 12 of the Income Tax Act not admissible to assessee society due to non-furnishing of return of income as required u/s. 12A(1)(b) of the Income Tax Act.
When an assessee deposes on oath giving explanation of the reasons and circumstances for investment, the same could not be brushed aside on the basis of general principles of the modus operandi of bogus LTCG claims.
Understand the audit requirements for trusts under Form 10B/10BB, including due dates, filing process, clauses, and key differences to ensure compliance and tax exemption.
