Section 12 of Income Tax Act, 1961
Income Tax : The Finance Bill 2025 introduces amendments for trust registration, extending validity to 10 years for certain trusts and clarifyi...
Income Tax : ITAT Delhi upholds CIT(E) order in ITO Vs Mehta Charitable Prajanalaya Trust, disallowing unrelated expenses and clarifying deduct...
Income Tax : AQs on charitable trusts, covering registration under Section 12AB, income tax rules, donation management, audit requirements, and...
Income Tax : Understand the income of trusts or institutions, including registration, exemptions, and FAQs. Learn about Sections 12A, 12AA, and...
Income Tax : Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payme...
Income Tax : ITAT Ahmedabad held that amount of corpus of donations i.e. voluntary donations received by trust registered under section 12A are...
Income Tax : ITAT Delhi held that exemption under section 10(23C)(iiiad) of the Income Tax Act granted on the basis of provisional registration...
Income Tax : ITAT Ahmedabad rules Section 13(1)(b) applies only during assessment, not registration, remands trust 12AB application to CIT(E)....
Income Tax : Assessee was predominantly engaged in activities of imparting education and also involving the certain educational institutions. A...
Income Tax : ITAT Jaipur held that trust incurring more expenditure than income doesn’t debar it from benefit of exemption u/s. 11(1)(a) of t...
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 […]
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?
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 were undisputedly of charitable nature and which was not an activity of trade, commerce or business with main object of earning profit. AO was directed to allow exemption under section 11 and 12 with consequent benefits to assessee.
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?
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 […]
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?
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 and by mean of this article I have tried to demonstrate those errors and also the corrective measures thereof.
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?
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?
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) of the […]
