Section 12

Budget eliminate possibility of double deduction to Charitable Trust & Institutions

Income Tax - Budget 2021 – Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation Exemption to funds, institutions, trusts etc. carrying out religious or charitable activities is provided under clause (23C) of section 10 of the Act and secti...

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Post Finance Act 2020 applicability of Section 11 & 12 of Income Tax Act,1961

Income Tax - Amendment vides Finance Act 2020: Whether provisions of Section 11 and Section 12 of Income Tax Act, 1961 (Act) shall apply under certain conditions? The post Finance Act 2020 – Applicability of Section 11 and Section 12 of Income Tax Act, 1961 (Act): Case 1: Where approval under Section 10(23C) or Section 10(46) exist Section [&hel...

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Common errors in taxation of charitable & religious organization

Income Tax - Very often we get involve in rendering of professional services to charitable and religious organization commonly called as NGO, NPO etc. These services include Auditing, Accounting, Taxation, consultancy, foreign transaction related issues etc. In this regard as far as taxation services are concerned some common errors frequently happen ...

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Time of Supply under GST (Section 12 to 14 and 148)

Income Tax - Article deals with Section 12 of the CGST Act, 2017 - Time of supply of goods, Section 13 of the CGST Act, 2017 - Time of supply of services, Section 14 of the CGST Act, 2017 - Change in rate of tax in respect of supply of goods or services and Section 148: Special procedure for certain processes...

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Taxation of Charitable/Religious Trust

Income Tax - Shalki Bansal Charitable/religious trusts are the trusts which are formed with an objective of providing relief to poor, education, medical relief, preservation of environment/ monuments , advancement of objects of general public utility, religious purpose, etc. There taxation has always been a point of concern. The entire income of such ...

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Developing & Providing Study Material Qualifies as Charitable Educational Activity

World Institution Development Programme Vs ITO (ITAT Delhi) - World Institution Development Programme Vs ITO (ITAT Delhi) Developing  Study Material Qualifies as educational Activity which qualifies as a charitable purpose within the meaning of section 2(15) of the Act and eligible for exemption under section 11 and 12 of the Act. Admittedly, the assessee is ...

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Works of Supply of Water, Disposal of Sewerage Considered as Charitable Activities & Eligible for Exemption u/s 11

PCIT (Exemptions) Vs Surat Urban Development Authority (SUDA) (Gujarat High Court) - The issue under consideration the activity of preparation of development plans and to execute works in connection with supply of water, disposal of sewerage and provisions of other services is considered as “charitable activities” and eligible for exemption u/s 11?...

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Shortfall Due to its Excess Spending allowed to C/F in full for Set off against Incomes – Section 11

Gnyan Dham Vapi Charitable Trust Vs DCIT Exemptions (ITAT Ahmedabad) - The issue under consideration is whether where a trust has incurred shortfall due to its excess spending in a particular year, such deficit or shortfall allowed to be c/f in full for set off against the incomes in  subsequent years under s.11(1)(a) and Section 11(1)(b) of the Act?...

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Activities promoting Handloom Sector Eligible for section 11 & 12 Exemption

ITO (E) Vs Association of Corporation & Apex Societies of Handlooms (ITAT Delhi) - The issue under consideration is whether the activities involved towards promotion of handloom sector is eligible for exemption under section 11 and 12 of Income Tax Act?...

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Exemption u/s 11 & 12 was allowable to Association of State Road Transport Undertaking

DCIT Vs. Association of State Road Transport Undertaking (ITAT Delhi) - Since assessee association was providing laboratory test services and consultancy services in accordance with its charitable objects, therefore, activities could not be held to be rendered in relation to any trade, commerce or business as such activities were undertaken by assessee association in f...

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Recent Posts in "Section 12"

Developing & Providing Study Material Qualifies as Charitable Educational Activity

World Institution Development Programme Vs ITO (ITAT Delhi)

World Institution Development Programme Vs ITO (ITAT Delhi) Developing  Study Material Qualifies as educational Activity which qualifies as a charitable purpose within the meaning of section 2(15) of the Act and eligible for exemption under section 11 and 12 of the Act. Admittedly, the assessee is a charitable trust. It is registered u/s...

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Budget eliminate possibility of double deduction to Charitable Trust & Institutions

Budget 2021 – Rationalisation of the provision of Charitable Trust and Institutions to eliminate possibility of double deduction while calculating application or accumulation Exemption to funds, institutions, trusts etc. carrying out religious or charitable activities is provided under clause (23C) of section 10 of the Act and secti...

Read More
Posted Under: Income Tax |

Works of Supply of Water, Disposal of Sewerage Considered as Charitable Activities & Eligible for Exemption u/s 11

PCIT (Exemptions) Vs Surat Urban Development Authority (SUDA) (Gujarat High Court)

The issue under consideration the activity of preparation of development plans and to execute works in connection with supply of water, disposal of sewerage and provisions of other services is considered as “charitable activities” and eligible for exemption u/s 11?...

Read More

Shortfall Due to its Excess Spending allowed to C/F in full for Set off against Incomes – Section 11

Gnyan Dham Vapi Charitable Trust Vs DCIT Exemptions (ITAT Ahmedabad)

The issue under consideration is whether where a trust has incurred shortfall due to its excess spending in a particular year, such deficit or shortfall allowed to be c/f in full for set off against the incomes in  subsequent years under s.11(1)(a) and Section 11(1)(b) of the Act?...

Read More

Activities promoting Handloom Sector Eligible for section 11 & 12 Exemption

ITO (E) Vs Association of Corporation & Apex Societies of Handlooms (ITAT Delhi)

The issue under consideration is whether the activities involved towards promotion of handloom sector is eligible for exemption under section 11 and 12 of Income Tax Act?...

Read More

Exemption u/s 11 & 12 was allowable to Association of State Road Transport Undertaking

DCIT Vs. Association of State Road Transport Undertaking (ITAT Delhi)

Since assessee association was providing laboratory test services and consultancy services in accordance with its charitable objects, therefore, activities could not be held to be rendered in relation to any trade, commerce or business as such activities were undertaken by assessee association in furtherance of its main objects which wer...

Read More

Post Finance Act 2020 applicability of Section 11 & 12 of Income Tax Act,1961

Amendment vides Finance Act 2020: Whether provisions of Section 11 and Section 12 of Income Tax Act, 1961 (Act) shall apply under certain conditions? The post Finance Act 2020 – Applicability of Section 11 and Section 12 of Income Tax Act, 1961 (Act): Case 1: Where approval under Section 10(23C) or Section 10(46) exist Section [&hel...

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Posted Under: Income Tax |

Section 11/12 exemption cannot be denied for discrepancies in Unsecured Loan Verification

DCIT (E) Vs Lotus Education Society (ITAT Jaipur)

The issue under consideration is whether denial of the exemption under section 11/12 due to various discrepancies found in verification of unsecured loans is justified in law?...

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Common errors in taxation of charitable & religious organization

Very often we get involve in rendering of professional services to charitable and religious organization commonly called as NGO, NPO etc. These services include Auditing, Accounting, Taxation, consultancy, foreign transaction related issues etc. In this regard as far as taxation services are concerned some common errors frequently happen ...

Read More
Posted Under: Income Tax |

Section 11 Exemption cannot be Denied Merely because Income is Exempt from Principles of Mutuality

Confederation of Indian Textile Industry Vs ITO (ITAT Mumbai)

The issue under consideration is whether the exemption u/s 11 will be allowed against the interest income, exchange gain, and miscellaneous income to the Confederation of Indian Textile Industry?...

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