Section 12AA of Income-Tax Act, 1961 deals with Procedure for Registration of a Charitable Trust or institution
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 tax treatment of monetary, movable, and immovable gifts received by individuals and HUFs. Learn the ₹50,000 thres...
Income Tax : Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, incl...
Corporate Law : Learn the registration process for NGOs (Trust, Society, Section 8 Company) on the Social Stock Exchange (NSE/BSE), including elig...
Income Tax : Karnataka State Chartered Accountants Association made a representation on 31.10.2022 to Minister of Finance Smt. Nirmala Sitharam...
Income Tax : CAG noticed ineffective monitoring of accumulation of income and its utilization, ineffective monitoring of receipts and utilizati...
Income Tax : BCAS representation in regard to the conditions set out in various orders of registration granted to Charitable institutions in re...
Income Tax : CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala S...
Income Tax : Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Incom...
Income Tax : ITAT Bangalore rules skill development qualifies as education, allowing Sec 11 exemption to charitable trust. Rejects commercial a...
Income Tax : The issue was whether utilisation of earlier accumulated income qualifies for fresh exemption. The Tribunal held it amounts to dou...
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 ruling held that incomplete documentation or minor deficiencies cannot be sole grounds for denial of registration. It emphasiz...
Income Tax : ITAT held that vacant unsold flats attract tax on notional rent under house property. The key takeaway is that ownership triggers ...
Income Tax : PCIT or CIT can examine if there is any specified violation by the trust or institution registered or provisionally registered und...
Income Tax : CBDT issues Notification no. 19/2021 dated 26/03/2021 pertaining to procedure for registration of fund/ trust/charitable instituti...
Income Tax : CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be def...
Income Tax : These rules may be called the Bombay Public Trusts (Second Amendment) Rules, 2019. 2. In rule 1 of the Bombay Public Trusts Rules,...
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...
ITAT remanded the rejection of 12A registration after finding that incorrect clause selection was a clerical mistake. substantive eligibility and genuine charitable activities outweigh technical errors.
ITAT Pune held that application for registration u/s. 12A r.w.s 12AB of the Income Tax Act cannot be denied for non-obtaining of prior permission of Charity Commissioner for loans since the same is procedural lapse. Accordingly, order of CIT(E) set aside and registration u/s. 12A r.w.s. 12AB granted.
ITAT Bangalore held that mere delay in filing the return of income cannot be construed as a violation so grave as to justify cancellation of registration under Section 12AA(4). Delay in return was unintentional hence cancellation of registration u/s. 12AA not justified.
The Kerala High Court held that scrutiny of exempted trust returns was correctly conducted as complete scrutiny, allowing assessment of appropriation of receipts under Section 12A.
ITAT Delhi overturned the CIT(Exemption)’s rejection of 12AA registration, ruling that corpus grants should not be assessed at the registration stage but under section 11 exemption proceedings.
Tribunal held that assessment was void because no notice under Section 143(2) was issued, confirming that such omission cannot be cured and invalidates entire assessment.
Supreme Court dismissed petition, confirming that a college with valid 12AA registration is eligible for 80G approval under Income Tax Act.
The Court quashed the order rejecting the condonation of delay, emphasizing that human error and professional reliance justify acceptance of late audit filings.
Understand the tax treatment of monetary, movable, and immovable gifts received by individuals and HUFs. Learn the ₹50,000 thresholds, exemptions for relatives and marriage, and rules for gifts received without or for inadequate consideration.
ITAT Pune held that late filing of audit report cannot disentitle trust from availing benefit of section 11 of the Income Tax Act. Accordingly, order of CIT(A) allowing claim of exemption u/s. 11 upheld and appeal of revenue dismissed.
