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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1. Section 11(1)(d) has been amended which reads as under: – Income in the form of voluntary contribution made with the specific direction that they shall form part of the corpus of the trust or institution subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms […]
Durga Charitable Society Vs JCIT (ITAT Delhi) Charitable Society providing hostel facilities to staff and students is integral part of ‘Educational Activities’, and Section 11 exemption allowed Durga Charitable Society (Appellant) is a Society duly registered under Society Registration Act, 1860 and is engaged in running various educational institutions, medical colleges and charitable hospitals. Assessing […]
Charity is clearly defined as relief of the poor, education, yoga, medical relief, preservation of environment, etc., Thus public charitable trust donating to activities other than education cannot be denied exemption u/s. 11 of the Act. Therefore, the conclusion of the Assessing Officer is totally unwarranted.
Income shall not include : a) which applied for Specified* purpose and 15% of Income accumulated from such property. b) where part of income from charitable or religious trust ,registered prior to this Act, such part of income applied for purpose and 15% of part of income accumulated. c) where income applied outside India for […]
Since there was no allegation by the departmental authorities that assessee had violated any of the conditions of the provisions of sections 11, 12 and 13, except, the allegation that assessee was a mutual concern and even applying the rule of consistency, assessee’s claim of exemption under section 11 had to be allowed.
CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala Sitharaman and brought to her attention improper Drastic changes made in Income tax provisions relating to Charitable and Religious Trusts (Trusts/NGOs. He highlighted provisions relating to putting severe restriction on utilization of Corpus Donations, provisions […]
Are you Charitable Trust/Institutions? Re-register now to continue to avail Tax Exemptions – New Forms notified In Pre-amendment era, the charitable trusts/Institution were enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under section 10(23C)/12AA/35/80G/ is notified/granted, will remain in force till the […]
Jogdhian Hari Bhagwan Rastogi Charitable Memorial Trust Vs ACIT (ITAT Delhi) The assessee society is registered u/s 12A of the I.T. Act. The trust was formed on 27.09.1966 with the primary aims of carrying out public charitable objects and purposes including relief of the poor, education, medical relief and advancement of any other object of […]
Nazareth Hospital Society Vs DCIT Exemption (ITAT Allahabad) In the instant case before us, we have observed that the objects of the donor viz. assessee only permitted to engage in activities to establish and run hospitals, nursing homes, welfare homes, rest houses for the good and benefit of the people, and other objects which are […]
R. K. Associates Vs ITO (ITAT Bangalore) The question for consideration is as to whether the provisions of Section 40(a)(ia) is applicable for computing the income chargeable under the head “Profits and gains of business or profession” or computation of income under any other heads of income also. Section 40 clearly stipulates that “Notwithstanding anything […]
