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 Bangalore held that interest due to delayed payment of custom duty is deductible u/s 37 of the Act as it is an accretion to the main payment and not a penalty and accordingly allowable as deduction.
Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rural debts, making it clear that banks were entitled to claim both deductions, provided they pertained to different types of advances.
NCLAT Chennai held that appellant having knowledge of the proceedings fall within the purview of the term ‘Person Aggrieved’ u/s. 61(1) hence cannot be exempt from applying for certified copy within prescribed time.
Bombay High Court in the case of Shree Sai Baba Sansthan Trust held that anonymous donation received by religious and charitable trust is entitled to benefit of an exemption from tax under section 115BBC(2b) of the Income Tax Act.
Since there was no infirmity on the behalf of the investigation agencies in invoking confiscation under section 123 of the Customs Act, 1962 in respect of seven gold bars bearing foreign markings out of the ten bars seized.
ITAT Hyderabad rules that delayed filing of Form 10/10B is not fatal to claiming Section 11 exemption, as long as form is available before processing under Section 143(1). Appeal allowed.
AO, however, did not accept the explanation of the assessee and the accumulation of income of Rs.5,92,352/-in A.Y. 2008-09, which was held as not applied within the stipulated period of 5 years, was treated as income of the current year.
Madras High Court held that Powder Coating products like yokes, links and tubes amounts to works contract and hence the same is liable to tax under section 15(1) of the Puducherry Value Added Tax Act, 2007.
CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024.
Patna High Court held that assigning reasons or grounds is mandatory while preparing seizure memo. Action based on local trader’s opinion is not reliable and acceptable. Accordingly, seizure memo is liable to be set aside.
