Section 12

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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Re-obtaining Section 12AA Registration| Approval U/s. 10(23C) & 80G

Income Tax - Budget 2020: Re-obtaining Of Registration under Section 12AA & Approval under Section 10(23C) & Section 80G by Existing Registered / Approved Entities – Concerns and Issues Introduction: The income of the charitable / religious trusts, institutions, universities, educational institutions, hospitals, other medical institutions et...

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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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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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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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Mid Day Meal supply to poor students of schools is Charitable in Nature

Manna Trust Vs CIT (Exemption) (ITAT Jodhpur) - whether the Mid Day Meal supply to the poor students of the schools as per the programme of State Government is considered as commercial activity?...

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Recent Posts in "Section 12"

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...

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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?...

Read More

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?...

Read More

Mid Day Meal supply to poor students of schools is Charitable in Nature

Manna Trust Vs CIT (Exemption) (ITAT Jodhpur)

whether the Mid Day Meal supply to the poor students of the schools as per the programme of State Government is considered as commercial activity?...

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Section 272A Penalty not justified for Assessee having exempt income under Section 10(23C)

Rotary Charitable Trust Vs. JCIT (ITAT Bengaluru)

Whether the penalty levied by CIT(A) u/s 272A of the Income Tax Act, 1961 is justified in law? Penalty u/s 272A is not justified for Assessee having exempt income u/s 10(23C)....

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Online Coaching is Education u/s 2(15) & eligible for tax Exemption

NIIT Foundation Vs CIT (ITAT Delhi)

NIIT Foundation Vs CIT (ITAT Delhi) Online Coaching considered as Education u/s 2(15) hence eligible for Exemption under section 11/12 The issue under consideration is whether the CIT(A) is correct in holding that the activity carried out by the Appellant is not in the nature of ‘education’ within the meaning of Section 2(15) ...

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

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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Posted Under: Income Tax |

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