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...
Visvesvaraya Technological University Vs CIT (Exemptions) (ITAT Bangalore) Assessee has moved an application for registration under section 12A on 25.05.1999, but this application was not disposed of by the CIT and it was kept pending and assessee was persuaded by the Revenue to file another application for registration. Vide letter dated 2 1.01.2002, the assessee has also […]
Briefly stated, the institution, Sri Visa Vadnagar Vanik Samaj, has earlier stated to have filed an application on 07-10-1988, seeking registration U/s.12A of the Income Tax Act, 1961 [Act]. It seems the said application has not been accepted/rejected by the Department. For the A.Y.2003-04 the AO has rejected the claim of assessee for exemption u/s.11(2) of the Act and has added an entire amount of Rs. 2,53,146/- to the income of assessee.
The Chhattisgarh High Court, in the case of Commissioner of Income Tax Central Revenue v. Chhattisgarh Urology Society recently announced that a society consists of urologist doctors eligible for registration under Section 12A of the Income Tax Act.
CIT (E) Vs M/s The Institute of Correctional Administration (Punjab and Haryana HC) The grievance of the appellant is regarding grant of registration to the respondent under Section 12-A of the Income Tax Act, 1961. The respondent is a society constituted by the Government for imparting training to various officers/officials involved in the criminal justice […]
Industrial Infrastructure Development Corporation(Gwalior) M.P. Ltd. Vs CIT (Supreme Court of India) It is not in dispute that an express power was conferred on the CIT to cancel the registration for the first time by enacting sub-Section (3) in Section 12AA only with effect from 01.10.2004 by the Finance (No.2) Act 2004 (23 of 2004) […]
As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following with a request to keep them in mind while filing Income tax return in ITR-7.
Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi) Coming to the powers of the Commissioner as to whether while granting registration under section 12A he is required to examine the books of account etc. or he is only to satisfy himself regarding the objects of the trust and genuineness of the activities of the trust, […]
CIT is not justified in rejecting registration on the ground that the non-production of books and vouchers means that the genuineness of the charitable activities cannot be verified. The CIT is entitled only to examine the objects of the trust at the stage of registration and not the books of account
Norka Roots Vs. CIT (Kerala High Court) As per Section 12AA of the Income Tax Act, the Commissioner is empowered to call for documents or information from the assessee, which are necessary to satisfy the authority about the genuineness of the activities of the institution. The Division Bench of this Court had also directed that […]
Section 12A of the Income Tax Act nowhere empowers the Commissioner of Income Tax to assess the objects vis-a-vis the donation received by the Charitable Trust in the first year of its establishment. At the stage of Section 12A the Commissioner is not to examine the application of income.
