section 12

Charitable Trusts: Income Tax Perspective

Income Tax - ARE INCOME TAX AUTHORITIES REALLY CHARITABLE WHEN IT COMES TO CHARITABLE TRUSTS? CHARITABLE TRUSTS: INCOME TAX PERSPECTIVE ‘Charity begins at home but should not end there.’ –Francis Bacon The essence of the above quote has been fully captured in the definition of the expression “charitable purpose” as envisaged in the...

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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Trust penalized by ITAT for fraudulently seeking exemption as Govt Trust

Sri Dashmesh Academy Trust Vs CIT (Exemptions) (ITAT Chandigarh) - Sri Dashmesh Academy Trust Vs CIT (Exemptions) (ITAT Chandigarh) Identical contentions as were raised by the representatives of the Trust before the lower authorities that the Trust is controlled and managed by the Government or that its funds and properties otherwise belong to the Government, have ...

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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Recent Posts in "section 12" | Total 9 Posts

Charitable Trusts: Income Tax Perspective

ARE INCOME TAX AUTHORITIES REALLY CHARITABLE WHEN IT COMES TO CHARITABLE TRUSTS? CHARITABLE TRUSTS: INCOME TAX PERSPECTIVE ‘Charity begins at home but should not end there.’ –Francis Bacon The essence of the above quote has been fully captured in the definition of the expression “charitable purpose” as envisaged in the...

Posted Under: Income Tax | Articles

Trust penalized by ITAT for fraudulently seeking exemption as Govt Trust

Sri Dashmesh Academy Trust Vs CIT (Exemptions) (ITAT Chandigarh) -

Sri Dashmesh Academy Trust Vs CIT (Exemptions) (ITAT Chandigarh) Identical contentions as were raised by the representatives of the Trust before the lower authorities that the Trust is controlled and managed by the Government or that its funds and properties otherwise belong to the Government, have been raised by the counsel for the asses...

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 First Appellate Authority nor any contr...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Pune

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 ITAT relied […]...

Posted Under: Income Tax | Judiciary

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....

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

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...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Delhi

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

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:...

Posted Under: Income Tax | Articles

Common errors in taxation of charitable and 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 ...

Posted Under: Income Tax | Articles

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

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...

Posted Under: Income Tax | Articles