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.
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Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institutions is key to understanding taxability of income & conditions for claiming exemptions. CBDT circulars & annexures included.
Explore the ITAT Mumbais decision favoring Bombay Society of the Salesian Sisters India, allowing the expenditure on school building repairs and property taxes as an application of income for charitable purposes.
Explore the Shanmukhananda Fine Arts vs. Deputy Director of Income Tax case. Bombay High Court’s decision on AO’s jurisdiction and income tax appeal. Full analysis here.
Explore Section 11 of Trademarks Act, 1999, detailing grounds for refusal. Learn how to avoid trademark objection and enhance registration success. Real-life examples provided.
Delhi High Court held that Section 138(2) of the IT Act would prevail over Section 22 of the RTI Act. Thus, Central Information Commission (CIC) order directing to provide copies of the file notings granting the approval relating to PM CARES Fund under Right to Information (RTI) liable to be set aside.
ITAT Mumbai held that revision under section 263 of the Income Tax Act unjustified as AO while allowing the exemption in the order passed under section 144 r.w.s.263 has taken a possible view upon verifying the details available on record.
ITAT Chennai held that the assessment order passed by the AO is neither erroneous nor prejudicial to the interest of the Revenue, because, the issue of exemption u/s.11 of the Act, has been considered by the AO while completing assessment u/s.143(3) of the Act. Thus, order passed by the CIT(Exemptions) u/s.263 of the Act unsustainable.
ITAT Mumbai held that documents seized from employees cannot be considered as having any evidentiary value and cannot be considered to have trustworthiness, since no other corroborative material was brought on record to support the veracity of the same. Hence, documents seized from employees cannot be relied upon for denying exemption u/s 11.
ITAT Kolkata held that the Indian Chamber of Commerce (ICC) is entitled to exemption u/s 11 of the Act as ICC is not carrying on any activity of holding meetings, seminars and conferences for business purpose but only in support its main object hence it is not hit by the proviso to Section 2(15) of the Act even post amendments.
Read the detailed analysis of Bar Council of India vs CIT case by Delhi High Court. Learn how the court directed the acceptance of Form 10 after condoning the delay.
