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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
NCLAT Chennai held that delay in filing Restoration Application in the Contempt Proceedings deserves to be condoned since the reasons given for delay appears to be reasonable. Accordingly, delay of 374 days condoned.
ITAT Agra held that where registration has been granted to trust under section 12AA of the Income Tax Act, exemption under section 11 of the Income Tax Act admissible to preceding years for which assessment proceedings were pending before AO.
CESTAT Chennai held that royalty payment not connected with the condition of sale is not includible in the assessable value. Hence, invocation of rule 10(1)(c) of the Customs Valuation Rules, 2007 not justified.
Hyderabad ITAT rules Ramalingeswara Swamy Temple’s Section 11 exemption cannot be denied for delayed Form 10BB filing if submitted before assessment order.
Madras High Court held that bank account which is designated pension account is exempted from any attachment for recovery of dues and attachment of such account is in violation of the provisions of the Section 11 of the Tamil Nadu Pension Act, 1871.
ITAT Jaipur held that discrepancies based on which application for registration under section 12AB was rejected are curable in nature. Hence, matter restored back to file of CIT(E) for afresh adjudication.
ITAT Pune held that denial of exemption under section 10(23C)(v) of the Income Tax Act for belated filing of Form No. 10BB not justified as audit report in Form No. 10BB was submitted before completion of assessment proceedings. Accordingly, appeal of revenue dismissed.
ITAT Surat allows Section 11 exemption for Premprakash Ashram Trust, deeming belated Form 10B filing procedural, not mandatory.
ITAT Ahmedabad allows Section 11 exemption and quashes late filing fee for Shiksha Foundation, citing timely audit and return.
ITAT Mumbai held that denial of exemption under section 11 of the Income Tax Act not justified as advances given doesn’t violate provisions of section 13(1)(d) of the Income Tax Act. Accordingly, appeal allowed and exemption granted.
