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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Held that there is no provision in the Arbitration and Conciliation Act, 1996, providing for a review of an order passed under Section 11 of the Act.
Discover the nuances of deposits with a co-operative society by a charitable trust under Section 11(5) of the Income Tax Act, 1961. Learn from judicial rulings for compliant investments.
Understanding the implications of Section 13(1)(d) and Section 11(5) in Income Tax Act. Learn about the restrictions on exemptions and investments for Charitable or Religious purposes.
ITAT find that since registration is restored by ITAT, the assessee is entitled for claiming deduction U/s. 11 in impugned assessment year
The tide up grants for a specific purpose would only mean that the assessee which was voluntarily organization, had agree to act as a trustee of a special fund granted by the donor with the result that it need not be pooled or integrated with the assessee is normal income or corpus.
Understanding the new conditions for income tax exemption to registered charitable & religious Trust under section 11 of the Income Tax Act.
ICAI clarified that application of funds can only be made on actual payment basis in case of charitable trusts. This amendment is made vide Finance Act, 2022 and is applicable for assessment year 2022-2023 and subsequent assessment years. Direct Taxes Committee The Institute of Chartered Accountants of India 1st September, 2022 Subject: Applicability of Explanation […]
Non-filing of Audit Report in Form 10B along with Return of Income is merely a procedural defect which is rectifiable. If the Audit Report was available with the assessee at the time of filing of Return of Income and was not filed due to bonafide reasons the benefit of exemption under section 11 cannot be denied if otherwise assessee is eligible to claim the same.
Activity of Chemist / Pharmacy is incidental or ancillary to dominant object or purpose for running a hospital & Tax Exemption allowable.
Advancement of any other object of general public utility would continue to be a charitable purpose, if the activity in the nature of trade, commerce, or business is undertaken in the course of actual carrying out of such advancement of any other object of general public utility and the aggregate receipts from any activity in the nature of trade, commerce or business, or any activity of rendering service in relation to any trade, commerce or business does not exceed 20% of the total receipts of the trust or institution undertaking such activities, for the previous year.
