Income Tax : The new Income Tax Rules, 2026 permit reapplication within one month of rejection. This provides a faster alternative to appeals a...
Income Tax : Authorities now scrutinize NGO financial statements before granting or renewing registration. Proper documentation and clear chari...
Income Tax : Expanded grounds for cancellation now include legal non-compliance and incorrect disclosures. Trusts must treat accuracy and gover...
Income Tax : Objects benefiting specific communities or allowing overseas application of funds invite rejection. The ruling focus is on deed la...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
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 : The Tribunal held that applications were rejected without adequate opportunity. The matter was remanded for fresh adjudication fol...
Income Tax : ITAT held that interest earned on bank deposits is taxable and not covered by the principle of mutuality. The ruling confirms that...
Income Tax : The Tribunal ruled that failure to obtain prior approval for loans is only a procedural lapse. It directed reconsideration of 12A ...
Income Tax : The ruling held that incomplete documentation or minor deficiencies cannot be sole grounds for denial of registration. It emphasiz...
Income Tax : ITAT Mumbai held that rejection of registration under section 12AB of the Income Tax Act treating receipts and income from sale of...
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...
However, registration process under section 80G has also been amended with similar effect as that of section 12AB & section 10(23C)
Charitable Institutions supplement the efforts of the Government in providing social services. This fact is more visible during the COVID-19 whereby many such institutions have taken upon themselves the task of providing food to the needy and supporting other social activities. The Government, on their part realising the supplementary efforts of the these institutions, provide […]
In the given case The appellant made a contribution of Rs.1,00,000/- during the year, to M/s.Herbicure Healthcare Bio-herbal Research Foundation, Calcutta. The institution was approved to get the contributions under Section 35(1)(ii) of the Income Tax Act.
Presently, the charitable trusts/Institution are enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under section 10(23C)/12AA/35/80G/ is notified/granted, will remain in force till the CG/Commissioner of Income tax basis the documents called for, find that the same should be rescinded/withdrawn. Also Read: […]
FM has proposed various amendments in Union Budget 2020 which includes Amendments in Section 12A, Section 80G, 12AA etc related to Registration of Charitable Trust or Non-Profit organization (NPO). Article discusses the same in detail- Question: My NGO has life time validity of 12A and 80G certificate, should I apply for fresh registration? Answer: Yes, […]
The Income Tax Act makes a distinction between Trusts for charitable purposes and those for religious purposes, though both are entitled to exemption under section 11 of the Act. The creation of religious charitable trusts is governed by the personal laws of the religion. The administration of these religious trusts can either be left to […]
The supreme court was of the view that section 12AA of Income Tax Act, 1961 mandates that the commissioner of Income tax or the principal commissioner, as the case may has to satisfy his/her conscious that the activities under taken by the Trust are genuine and are eligible charitable activities.
The approach of the government towards the NGO sector used to be lenient but today the position is changing as the government is tightening the laws and regulatory controls over NGOs every other day. It has to be appreciated that NGOs play an important role in the society and the income of these institutions is […]
Article explains Proposed Amendments in Finance Bill, 2020 applicable on Charitable Organisations and includes Cases Applicable On Organisations Registered Under Section 12A As Well As Under Section 10(23C) Of Income Tax Act,1961 and Cases Applicable Only On Organisations Registered Under Section 12A. Cases Applicable On Organisations Registered Under Section 12A As Well As Under Section […]
In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or does not transfer the assets to another charitable organisation.
