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...
Understand the audit requirements for trusts under Form 10B/10BB, including due dates, filing process, clauses, and key differences to ensure compliance and tax exemption.
The matter was heard by the Adjudicating Authority on which date the impugned order was passed recalling the order and restoring the Company Petition and the two IAs.
ITAT Ahmedabad held that the Assessee Trust being purely a religious activities of particular Community is not entitled for registration as a specified violation under Explanation [d] of Section 12AB(4) of the Income Tax Act.
ITAT Chennai overrules CPC denial of exemption u/s 11 for K M Educational Trust, referencing CBDT Circular on filing ITR belatedly within allowed time.
ITAT Ahmedabad held that agreement for transfer of operations, management and movable assets didn’t violated the purpose of charity and hence exemption under section 11 and 12 of the Income Tax Act duly available.
Entities advancing general public utility could engage in trade or business only if such activities were incidental to their primary charitable objectives and adhered to specific quantitative thresholds.
ITAT Chennai set aside the order and appeal restored back to the file of AO for denovo assessment, however, cost of Rs. 5,000 imposed for non-response on the part of the assessee. Accordingly, appeal allowed.
Delhi High Court conditionally suspended Look Out Circular against the director of company involved alleged in financial impropriety based on individual’s right to travel as guaranteed under Article 21 of the Constitution of India.
The Officers found that factory was operational. On being demanded, Sujit Kumar Bera produced all the gold available in the factory. Total quantity of gold was found to be 2417 grams.
CIT(E) was not justified in denying assessee’s applications for final registration u/s 12AB / final approval u/s 80G as assessee had done only charitable activities till now and not undertaken any activity contemplated by object No. 2 & 3.
