Section 12 of Income Tax Act, 1961
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Goods and Services Tax : Learn about the tax implications of renting property to government hostels. Get insights from the Telangana AAR ruling and underst...
Income Tax : Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institu...
Custom Duty : This article delves into the flawed interpretation of Rule 27(1) of the SEZ Rules, 2006, and elucidates the intricate legal landsc...
Income Tax : ITAT Bangalore held that propagation of vedic thoughts and philosophy is not religious activity but are more concerned with the li...
Corporate Law : Held that the proprietorship concern may run on whatever name it has and the same has no legal entity, however, the Proprietor of ...
Corporate Law : Supreme Court held that State Bar Councils (SBCs) cannot charge an enrolment fee or miscellaneous fees above the amount prescribed...
Income Tax : Delhi High Court held that affiliation with and recognition by a regulatory authority are not essential attributes of education un...
Corporate Law : Bombay High Court held that industrial dispute existed when the reference was made by the appropriate Government under section 2-A...
ITAT Amritsar held that corpus donation received by trust not holding the registration u/s 12AA is not taxable provided the same is verified. Accordingly, matter remitted back to AO for verification of corpus donation.
Supreme Court held that User Development Fee (UDF) is in the form of ‘tax or cess’ collected for financing the cost of future projects and is not a consideration for services provided by the assessee to the customer, visitors, passengers, vendors etc.
CESTAT Mumbai held that rejecting exemption benefit and duty demand u/s 28 of Customs Act, 1962 by reassessing ‘cameras’ under general and residual description i.e. ‘others’ under 8525 8090 instead of declared specified classification i.e. 8525 8020 is unjustified.
Delhi High Court held that filing of multiple patent claims in respect of the same invention amounts to evergreening or layering of patent protection, which is impermissible under the Indian Patent Law.
Understand the taxation of trusts in India, covering registered and unregistered trusts. Learn about relevant sections, exemptions, and tax implications for trusts and associations of persons (AOPs).
ITAT Delhi concluded that grants were given specifically for participation in a particular event held in abroad grant was utilized as per terms and conditions and it was not free for the assessee to use the funds voluntarily. Accordingly approval of CBDT under sections 11(1)(c) of the Act not required.
Advancement of any other object of general public utility would continue to be a charitable purpose, if the activity in the nature of trade, commerce, or business is undertaken in the course of actual carrying out of such advancement of any other object of general public utility and the aggregate receipts from any activity in the nature of trade, commerce or business, or any activity of rendering service in relation to any trade, commerce or business does not exceed 20% of the total receipts of the trust or institution undertaking such activities, for the previous year.
Ahmedabad ITAT dismisses Ambica Trust’s appeal as it failed to electronically file Form 10B for exemptions under sections 11 and 12 of the Income Tax Act.
When the assessee’s main dominant and prime objective was to promote the sports was not desire to earn profits but, object of promoting sports for Nation, it was clearly a charitable purpose. Assessee was entitled for exemption under section 11.
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 sections 11 and 12 of the Act. Section […]
