Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...
Income Tax : Authorities cannot insist on adding an irrevocable clause in trust deeds for Section 12A renewal when the trust is otherwise legal...
Income Tax : The Pune Chartered Accountants' Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing t...
CA, CS, CMA : A Chartered Accountants' association requests an extension for tax audit and 12A renewal due dates, citing portal issues, festive ...
Income Tax : The Chartered Accountants Association requests tax deadline extensions for TAR, ITR, and 12A renewals, citing severe floods in nor...
Income Tax : Learn about the rationalisation of provisions for charitable trusts and institutions under the Income-tax Act, merging two regimes...
Income Tax : ITAT Mumbai held that denial of Section 11 exemption does not bar consideration of deductions under Section 57(iii) after factual ...
Income Tax : ITAT held that the Commissioner must assess the genuineness of activities and charitable objects instead of rejecting registration...
Corporate Law : The Supreme Court held that a writ petition filed decades after the finalisation of the record of rights was barred by delay and l...
Income Tax : High Court restrained tax recovery, holding the Section 154 order prima facie breached natural justice by withdrawing exemption wi...
Income Tax : Madras High Court held non-issuance of SCN/DAO violated Section 144B, set aside assessments, and ordered fresh proceedings....
Income Tax : The Income Tax Amendment Rules, effective October 1, 2024, revise Form No. 10A and 10AB for registration under sections 12A and 80...
Income Tax : CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024....
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Income Tax : CBDT extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of th...
Income Tax : CBDT issues Notification no. 19/2021 dated 26/03/2021 pertaining to procedure for registration of fund/ trust/charitable instituti...
ITAT Mumbai held that denial of Section 11 exemption does not bar consideration of deductions under Section 57(iii) after factual verification.
ITAT held that the Commissioner must assess the genuineness of activities and charitable objects instead of rejecting registration solely for the absence of an irrevocability clause.
The Supreme Court held that a writ petition filed decades after the finalisation of the record of rights was barred by delay and laches. It set aside the High Court’s order and dismissed the writ petition, reaffirming that stale claims are not entitled to equitable relief.
High Court restrained tax recovery, holding the Section 154 order prima facie breached natural justice by withdrawing exemption without notice.
Madras High Court held non-issuance of SCN/DAO violated Section 144B, set aside assessments, and ordered fresh proceedings.
ITAT held that low declared income alone cannot negate creditworthiness where loans were genuine, documented, received and repaid through banking channels.
ITAT held that remuneration to trustees must be examined for reasonableness and cannot be disallowed merely because it was paid to specified persons.
The ITAT held that the CPC could not make adjustments under Section 143(1) without first issuing the mandatory intimation to the assessee. The Revenue’s appeals were dismissed as the statutory procedure had not been followed.
The ITAT Raipur held that an application for final approval under Section 80G cannot be rejected solely because it was filed belatedly. It remanded the matter after directing the CIT(Exemption) to examine the trust’s genuineness and statutory conditions on merits.
The ITAT Hyderabad held that excess application of income by a charitable trust can be adjusted against subsequent year’s income if supported by the trust’s books and records. It remanded the matter to the AO only for factual verification.
