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 : Learn why exemptions claimed under the wrong section in Income Tax Returns can be rectified under Section 154. Explore legal prece...
Income Tax : Understand the latest amendments impacting Charitable Trusts from April 1, 2024. Learn about amendments in Section 11 of the Incom...
Income Tax : Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payme...
Income Tax : Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institu...
Corporate Law : Explore Section 11 of Trademarks Act, 1999, detailing grounds for refusal. Learn how to avoid trademark objection and enhance regi...
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 : Gujarat High Court ruled on N H Kapadia Education Trust vs ACIT, addressing the corpus donation eligibility for exemption under Se...
Income Tax : Explore ITAT Delhi's ruling on dividend income exemption under section 11 of IT Act 1961. Detailed analysis of judgment against Re...
Income Tax : Explore the Delhi High Court's judgment on ITSC's conclusive nature for AY, assessing reassessment under Section 148 of the Income...
Income Tax : ITAT Mumbai rules on DCIT vs Gem and Jewellery Export Promotion Council case, clarifying exhibition activities are not trade and c...
Income Tax : The ITAT Mumbai upholds exemptions for the Catholic Education Society under Section 11 of the Income Tax Act, dismissing the Reven...
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...
SEBI : Format for the quarterly report on venture capital activity to be submitted by Foreign Venture Capital Investors has been revised ...
Kerala High Court allows income tax reassessment based on a revenue audit objection highlighting non-compliance with the Act. This applies to assessments after 01.04.2022, even if the taxpayer previously filed returns and the assessment was completed.
Delhi High Court ruling: NGO retains tax exemptions under Sections 11 & 12 despite donor TDS deduction. Analysis & implications of Aroh Foundation case.
In a setback for St. John The Baptist Church, Kerala High Court refuses to intervene in proceedings initiated under Section 148 of Income Tax Act. Full analysis here.
CESTAT Ahmedabad emphasizes the importance of evidence in rejecting bill of entry values in Deeplalit Enterprise P Ltd Vs C.C.-Ahmedabad case.
ITAT Chennai rules in favor of charities, allowing Form 10A for 12AB registration after initial rejection. Detailed analysis on the verdict inside.
ITAT Mumbai held that the activity of the trust for publishing advertising in the newspaper is intrinsically linked for newspaper activity falls within the ambit of sub-clause (i) of Subsection 2(15) and conditions imposed in sub-clause (ii) of the proviso has to be fulfilled.
Bombay High Court held that just because modified Clause 96 of the General Conditions of Contract states that the decision given by the Committee shall be final and binding upon the parties, the modified clause 96 constitutes the Arbitration Agreement between the parties
Mere charging a nominal amount for smooth functioning of educational institution and trust could not called to be a part of commercial activity, and therefore, CIT(E) was directed to grant registration u/s 12AB to assessee.
NCLT Hyderabad held that provisional order of attachment u/s. 5(1) of the PMLA of the properties of the corporate debtor covered under the approved resolution plan would not wipe of the protection available to such properties u/s. 32A of I&B Code.
ITAT Pune held that time limit 6 months in filing of an application in Form 10AB for approval u/s 80G doesn’t apply to those trust/institutions which have already started charitable activities before obtaining Provisional Registration.
