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 : ITAT held that delayed filing of Form 10B cannot defeat Section 11 exemption if the audit report is available before processing un...
Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...
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...
Income Tax : ITAT Mumbai held that denial of Section 11 exemption does not bar consideration of deductions under Section 57(iii) after factual ...
Income Tax : Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and fina...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Income Tax : ITAT held that CPC could not make adjustments under Section 143(1) without issuing the mandatory prior intimation. The order was q...
Income Tax : The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessmen...
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...
The Income Tax Appellate Tribunal (ITAT), Delhi, ruled against the revenue’s additions of unaccounted capitation fees and cash loan interest under Sections 69A and 69C against the Saraswati Ammal Educational & Charitable Trust.
Application for voluntary initiation of Corporate Insolvency Resolution Process (CIRP) had been admitted under section 10 of IBC, 2016, read with Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) as from the audited financials of assessee for the years 2020-2021 to 2022-2023.
NCLT Chennai held that application u/s. 10 of the Insolvency and Bankruptcy Code admitted for initiation of Corporate Insolvency Resolution Process [CIRP] against Corporate Applicant since there is a default in the repayment of debt and the petition filed u/s. 10 is complete.
A summary of the ITAT Chennai order, which clarified that payments integral to educational activities for domestic students are applicable in India, even if remitted abroad, contrasting with the NASSCOM ruling on foreign events.
Chennai ITAT set aside the denial of Sections 11 & 12 tax exemption to a Trust, directing the AO to re-examine the claim after the CCIT decides on the pending Form 10B late filing condonation petition.
Does the Finance Act, 2025, extend 12AB registration from 5 to 10 years for trusts under Rs. 5 Cr? See if small trusts must still file Form 10AB by Sep 30, 2025.
Chennai’s ITAT rules that interest paid on a loan by a charitable trust is a valid ‘application of income,’ setting aside a tax disallowance of over Rs. 10 lakh.
ITAT Bangalore held that non-compliance with tax notices due to notices being sent to wrong email IDs and the demise of the assessee’s Chartered Accountant constitutes sufficient cause. The issue was restored to the AO for fresh adjudication
The ITAT Jaipur dismissed the appeals of Whole Sale Cloth Merchant Association, upholding the reassessments and denial of Section 11/12 exemption. The Tribunal confirmed that the trust’s failure to file returns
Tribunal held that 2022 amendment to Section 11(3) applies prospectively, allowing trusts to utilise past accumulations within six years under old law. Additions made under Section 115BBI were deleted.
