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 : Courts held that prior exemption claims under Sections 11 and 12 cannot justify denial of 80G approval. The key takeaway is that b...
Income Tax : The Tribunal ruled that non-filing of Form 10B is a curable defect and cannot justify denial of exemption during processing. Secti...
Income Tax : The law now mandates a single exemption pathway for charitable institutions, ending the flexibility of parallel regimes. The key t...
Income Tax : ITAT Kolkata held exemption u/s 11 or 10(23C) cannot be denied at 143(1) stage for delayed Form 10B/10BB filing when reports were ...
Income Tax : Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, incl...
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 : The Tribunal condoned a 60-day delay after accepting explanations relating to migration of the ITAT portal and the death of a fami...
Income Tax : The Tribunal ruled that corpus donations cannot be taxed merely because Section 12AA registration was granted subsequently. Once r...
Income Tax : The Mumbai ITAT held that the appellate authority failed to consider pending writ petitions and interim directions of the Bombay H...
Income Tax : The ITAT Chennai held that exemption under Section 11 cannot be denied merely because Form 10B was not filed along with the return...
Income Tax : Bombay High Court held that delay in filing Form No. 10 for claiming accumulation under Section 11(2) should be condoned where gen...
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...
ITAT Ahmedabad held that matter regarding rejection of registration under section 12A of the Income Tax Act remitted back to file of CIT(E) with direction to explain the fulfillment of conditions as stipulated u/s.12A(1)(ac)(vi)-Item B of the Act.
ITAT Mumbai held that income from pharmacy and chemist division cannot be treated as business income from separate and independent activity. Thus, since pharmacy is an integral part of dominant purpose of hospital benefit u/s. 11(1) duly admissible.
Delhi High Court held that independent non-executive director cannot be held liable for non-fulfilment of export obligations by the company. Accordingly, penalty imposed on the director is liable to be set aside.
ITAT Pune upholds exemption under Sections 11 and 12, ruling that technical errors in form submission don’t justify denial for registered charitable trusts.
The present case revolves around the Duty Drawback Scheme. This scheme has become the subject of misuse by some traders/ exporters who make fraudulent exports merely with a view of availing the benefits under the scheme.
Gospel India Ministries Gutkula Vs CIT (ITAT Nagpur) ITAT Nagpur held that rejection of application in Form 10AB for grant of registration u/s. 12AB of the Income Tax Act on the ground of quoting of wrong provision not justifiable since quoting wrong provision cannot be held to be fatal to militate against well-deserved beneficial provision. […]
Delhi High Court held that reasonable payment for services rendered to persons specified u/s. 13(3) of the Income Tax Act by the trust is justifiable and such payment wouldn’t fall within the exception of section 13(1)(c) of the Income Tax Act.
ITAT Nagpur rules Deendayal Seva Pratishthan eligible for tax exemption; late verification of Form 10B due to technical issues not fatal.
ITAT Bangalore held that provisions of section 115JB of the Income Tax Act cannot be applied to assessee bank and consequently the tax on book profits (MAT) are not applicable to assessee bank. Accordingly, appeal of the assessee bank allowed.
ITAT Mumbai: Valid 12AA registration bars AO from denying Sec 11 exemption by re-examining charitable objectives. Key ruling explained.
