Section 12 of Income Tax Act, 1961
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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 […]
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?
