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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ITAT Ahmedabad held that only profit and gains derived from the incidental business of charitable-trust would qualify as income for computing statutorily allowed accumulation of 15% in terms of section 11(1)(a) of the Income Tax Act.
When donations forming corpus of assessee’s trust received with specific purpose are capital in nature. ITAT held that corpus specific voluntary donations are not taxable in case of unregistered trust
ITAT Pune held that claim for exemption of income under section 11 of the Income Tax Act deniable as Form No. 10B was not submitted along with the return of income nor it was submitted before processing of return of income.
Delhi High Court held that in absence of any profit motive in the activity of assessee-society and also profit so generated is ploughed back for charitable activities. Exemption benefit under section 11 duly available.
ITAT Bangalore held that applicability of the proviso to 2(15) of the Act cannot be on the basis of the default of the parties in not participating in the proceedings but should be on the basis of facts and circumstances of each case. Accordingly, matter remanded for fresh consideration.
ITAT Pune held that as assessee does not satisfy the condition of advancement of any other object of general public utility, its eligibility for benefit of exemption under section 11 of the Income Tax Act is doubtful.
DCIT (Exemptions) Vs Nabajuga Educational And Charitable Trust (ITAT Cuttack) At the outset, if the return filed on 31.10.2018 was not accompanied by the audit report, then it was incumbent upon the revenue to issue notice u/s.139(9) of the Act to treat the return filed by the assessee as defective. Admittedly, this has not been […]
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.
