Section 12AA of Income-Tax Act, 1961 deals with Procedure for Registration of a Charitable Trust or institution
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 guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movab...
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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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 : Expanded grounds for cancellation now include legal non-compliance and incorrect disclosures. Trusts must treat accuracy and gover...
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 : The ITAT Delhi held that although failure to file Form 10B disentitled the assessee from claiming exemption under Sections 11 and ...
Income Tax : The ITAT Visakhapatnam held that the Commissioner cannot invoke Section 263 where the Assessing Officer has already conducted inqu...
Income Tax : The ITAT held that registration granted under Section 12AA before completion of assessment entitled the trust to claim exemption f...
Income Tax : The dispute concerned whether dividend received on capital reduction by a foreign subsidiary could trigger restrictions under Sect...
Income Tax : The Tribunal held that the special tax regime under Section 115BBE is confined to additions made under Sections 68 to 69D. Additio...
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...
Delhi High Court quashes CIT order, condoning delay in e-verifying Form 10B for Kotak Family Foundation, emphasizing justice over technicality in tax exemptions.
ITAT Delhi held that registration granted under section 12A of the Income Tax Act cannot be cancelled with retrospective effect as the concept of ‘specified violations’ u/s. 12AB(4) is effective only from 1st April 2022. Accordingly, order retrospectively cancelling registration quashed.
ITAT Agra held that where registration has been granted to trust under section 12AA of the Income Tax Act, exemption under section 11 of the Income Tax Act admissible to preceding years for which assessment proceedings were pending before AO.
ITAT Pune held that denial of exemption under section 10(23C)(v) of the Income Tax Act for belated filing of Form No. 10BB not justified as audit report in Form No. 10BB was submitted before completion of assessment proceedings. Accordingly, appeal of revenue dismissed.
ITAT Pune directed appellant to prove genuineness of activities; details of donations received and file audited financial statements for getting approval for regular registration u/s.12A r.w.s.12AB of the Income Tax Act. Accordingly, matter remitted back.
The ITAT Ahmedabad restored Bhatt Mewada Brahm Samaj’s 80G application, deeming the rejection premature due to lack of opportunity for submission, highlighting a violation of natural justice.
ITAT Indore held that retrospective cancellation of registration granted under section 10(23C)(vi) of the Income Tax Act invalid. Amendment brought in statute via Finance Act, 2022 is prospectively effective from 01.04.2022.
ITAT Hyderabad remands Ujwal Foundation’s appeals for 80G approval and 12AB registration, citing Supreme Court precedent on considering proposed charitable activities.
Madras High Court held that main object of the Charitable Trust being microfinance is not eligible which is not charitable in nature cannot claim the benefit of exemption either under Section 11(1) or under Section 11(4A) of the Income Tax Act.
ITAT Jaipur held that denial of exemption u/s. 10(23C)(iiiad) of the Income Tax Act for non-filing of return before due date prescribed u/s. 139(1) not justified since aggregate annual receipts doesn’t exceed specified limit. Accordingly, exemption granted and appeal allowed.
