section 12

Educational and Medical Institutions – Heed the wake-up call!

Income Tax - The Finance (No.2) Act 1998 has made far-reaching changes in the provisions of Income-Tax Act 1961 relating to the taxation of educational and medical institutions. The reasons for the same, as stated in the Finance (No.2) Bill 1998, are as follows:...

Common errors in taxation of charitable and 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 ...

Legal provisions and procedures for recovery of arrears/demands of Excise Duty

Income Tax - n respect of duty and any other sums of any kind payable to the Central Government under any of the provisions of this Act or of the rules made there under including the amount required to be paid to the credit of the Central Government under Section...

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Sec. 11 Exemption cannot be denied fully for mutual fund investment

ito (Exemption), Vs Progressive Education Society, (ITAT Pune) - We do not find any infirmity in the order of Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) has rightly followed the law laid down in the case of Commissioner of Income Tax Vs. FR. Mullers Charitable Institutions (supra). The ld. DR could neither rebut the findings of...

Exemption U/s. 11 /12 cannot be denied by invoking Section 2(15) merely for profit from imparting of education

Society for Participatory Research In Asia Vs. ITO (Delhi High Court) - The assessee was a recipient of research and training grant and other income to the tune of Rs. 1.36 crores. The AO determined that the latter were commercial receipts and guided by proviso to Section 2(15) and held that the assessee could not avail the benefit under section 11(23) of the Act. The I...

Yoga a form of ‘medical relief and Propagation of Yoga constitutes imparting of education

Patanjali Yogpeeth (Nyas) Vs ADIT (ITAT Delhi) - In a big relied to Baba Ramdev’s Patanjali Yogpeeth, the Delhi bench of Income Tax Appellate Tribunal (ITAT) has allowed exemption status under section 11 and 12 of the Income Tax Act....

Exemption U/s. 11 and 12 cannot be denied just because of profits from imparting of education

Society for Participatory Research in Asia Vs ITO(E) (ITAT Delhi) - Invocation of proviso to section 2(15) of the Act to deny claim of exemption under section 11 and 12 of the Act is not justified. Accordingly, grounds of appeal are allowed...

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