#section 11
Log in to FollowIncome 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
Income Tax
‘Income from leasing of property’ was ‘Income From Business” not “Income from House property”
Income Tax
Income Tax
Section 115JB Inapplicable to corresponding new bank: ITAT Bangalore
Income Tax
Income Tax
Interest on delayed payment of custom duty deductible u/s. 37: ITAT Bangalore
Income Tax
Income Tax
Bank’s Claim for non- rural bad debt write off u/s 36(1)(vii) was allowable without adjusted against provisions for bad and doubtful debts.
Corporate Law
Corporate Law
Condonation rejected as time limit prescribed u/s. 61 of IBC not satisfied: NCLAT Chennai
Income Tax
Income Tax
Anonymous donation by religious and charitable trust is exempt from tax: Bombay HC
Custom Duty
Custom Duty
Confiscation of 3 out of 10 alleged Foreign-Origin Gold Bars was set aside on failure to prove defacement
Income Tax
Income Tax
Delay in Filing Form 10/10B Doesn’t Deny Section 11(2) Exemption: ITAT Hyderabad
Income Tax
Income Tax
Application of accumulated income towards acquisition of fixed assets allowable u/s. 11: ITAT Ahmedabad
Goods and Services Tax
Goods and Services Tax
Work of powder coating amounts to works contract hence VAT leviable: Madras HC
Income Tax
Income Tax
CBDT Extends Deadline for Trusts to Submit Audit Reports in Form 10B/10BB
Custom Duty
Custom Duty
Customs Act requires mandatory assigning of reasons or grounds while preparing seizure memo: Patna HC
Income Tax
Income Tax
Rejection of Exemption U/S 11 Unjustified as Form 10B Filed but Not Visible on E-Filing Portal
Income Tax
Income Tax
