Income Tax : Understand the income of trusts or institutions, including registration, exemptions, and FAQs. Learn about Sections 12A, 12AA, and...
Income Tax : Learn why exemptions claimed under the wrong section in Income Tax Returns can be rectified under Section 154. Explore legal prece...
Income Tax : Discover the challenges faced by NGOs with provisional registration under Sections 12A and 80G of the Income Tax Act, 1961. Explor...
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 : Explore the intricacies of Section 12AB registration for General Public Utility (GPU) organizations under the Income Tax Act. Lear...
Income Tax : Learn about the rationalisation of provisions for charitable trusts and institutions under the Income-tax Act, merging two regimes...
Income Tax : Understand amendments to trust registration timelines under Income-tax Act section 12A. Learn how delays can be condoned by the Co...
Income Tax : Engage in shaping tax audit guidelines! Direct Taxes Committee invites public comments on the Exposure Draft for Guidance Note on ...
CA, CS, CMA : Explore the challenges faced by Charitable Trusts due to delays or errors in submitting applications under Section 12A(1)(ac) of t...
Income Tax : Karnataka State Chartered Accountants Association made a representation on 31.10.2022 to Minister of Finance Smt. Nirmala Sitharam...
Income Tax : ITAT Bangalore held that propagation of vedic thoughts and philosophy is not religious activity but are more concerned with the li...
Income Tax : Delhi High Court held that affiliation with and recognition by a regulatory authority are not essential attributes of education un...
Income Tax : Kerala High Court dismisses Income Tax Department's appeal below Rs.1 crore limit, involving Kunhitharuvai Memorial Charitable Tru...
Income Tax : Chemstar International Vs DCIT (ITAT Mumbai) mere suspicion or cancellation of registration post-donation not invalidate initial e...
Income Tax : Gujarat High Court ruled on N H Kapadia Education Trust vs ACIT, addressing the corpus donation eligibility for exemption under Se...
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...
Income Tax : Thus, for a trust registered u/s 12AA of the Act to avail the benefit of exemption u/s 11 shall inter-alia file its return of inco...
Supreme Court held that forfeiture of property in exercise of power under section 7 of Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 justifiable in absence of proper explanation as to the source of acquisition and as majority of investment remains unexplained.
Bombay High Court held that re-assessment proceedings, in absence of any failure to disclose any material fact and without any new tangible material which was not available at the time of passing of the original assessment order, is unsustainable.
ITAT Mumbai held that provisions contained in section 56(2)(x) of the Income Tax Act are not attracted in case of the trust created for the benefit of the members / relatives of the settler who have been identified as beneficiaries.
3 essential compliances for charitable organizations: registration under Section 12AB, GST, & FCRA. Know your Income Tax requirements!
ITAT Mumbai held that granting of conditional approval under section 80G of the Income Tax Act by PCIT/CIT is unsustainable in the eyes of law.
Exposure Draft for the issuance of a ‘Guidance Note on Audit of Public Charitable Institutions under section 12A of the Income-Tax Act, 1961.’ The primary objective of this Guidance Note would be to provide direction and clarity for the audit of public charitable institutions, which are registered under section 12A of the Income-Tax Act, 1961.
Action of the Ld. CIT(E) suffered from sufficiency of reasonable opportunity to the appellant to refute the rejection vis-à-vis to comply with the requirements sought, thus for the reason, we without commenting on the merits of the case, deem fit to remand the matter back to the file of Ld. CIT(E) for according reasonable & effective opportunity to refute the rejection vis-à-vis to comply with the requirements sought.
ITAT Delhi held that Ministry of Home Affairs, vide Notification dated 27.09.2022 clearly demonstrated the Popular Front of India (PFI) and its associates or affiliates or fronts as an unlawful association and hence cancellation of income tax registration u/s 12AA(3) of the Income Tax Act justified.
Approval under section 80G sought for by the assessee cannot be subjected to any condition as there is an inbuilt mechanism to be complied with by assessee after getting registration/approval under section 12AA and 80G
Assessee submitted that corpus donation is in the nature of capital receipt and thus not taxable in the hands of assessee trust irrespective of not being registered under section 12A of Act.
