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 : ITAT held that delayed filing of Form 10B cannot defeat Section 11 exemption if the audit report is available before processing un...
Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...
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 : ITAT Mumbai held that denial of Section 11 exemption does not bar consideration of deductions under Section 57(iii) after factual ...
Income Tax : Having regard to the gravity of the allegations, the ongoing investigation, the requirement of further probe into digital and fina...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Income Tax : ITAT held that CPC could not make adjustments under Section 143(1) without issuing the mandatory prior intimation. The order was q...
Income Tax : The Court held that Section 263 could not be invoked where the AO had raised queries, examined replies and completed the assessmen...
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...
Dolphin Educational Foundation Vs Income Tax Officer (ITAT Chennai) As per provisions of section 12AA of the Act, once a trust is registered u/s. 12AA, it is permanent unless it was withdrawn by a specific order from the authority. However, the law has been amended by the Finance Act, 2020 w.e.f. 01.04.2021 and as per […]
ITAT Jodhpur held that any issue which was considered by AO in the assessment order and such order is erroneous and prejudicial to the interest of justice, then, such order would be open for revision under section 263 of the Income Tax Act.
CESTAT Chennai held that relevant date of filing refund claim under Rule 5 of the Cenvat Credit Rules in case of export of service is the date of realization of the foreign exchange.
Pratap Joisher Vs ACIT (ITAT Mumbai) ITAT Mumbai held that assessment framed on the basis of ‘base note’ without preferring to collect evidence based on ‘consent waiver form’ is not sustainable in the eyes of law. Facts-On receiving information by the Central Board of Direct Taxes (CBDT) from French Authority under Article 28 of the […]
CESTAT Kolkata held that the Tubular Plate Lead Acid batteries are an integral part of the Solar Power Generating System, are eligible for the benefit of exemption Notification 6/2002 dated 01/03/2002 as amended.
Exemption u/s 11 can be availed only if return of income was filed in the manner prescribed under section 139(4A) of Income Tax Act
Gujarat High Court held that when the goods are perishable in nature, the authorities should act with greater swiftness to proceed with the adjudicatory mechanism and take a final decision. Accordingly, conditional provisional release of goods granted.
ITAT Delhi held that eligible deduction under section 11 of the Income Tax Act cannot be denied merely on the basis of technicalities.
ITAT Delhi held that eligible deduction under section 11 of the Income Tax Act cannot be denied merely on the basis of technicalities.
Grievance of petitioner is that benefit of Section 11 of Income Tax Act has not been extended to petitioner, which is a Charitable Society. The reason stated is that they failed to submit audit reports in time.
