Section 12AA of Income-Tax Act, 1961 deals with Procedure for Registration of a Charitable Trust or institution
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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...
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.
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.
Section 13 comes into play at the time of granting exemption under section 11 and not at the time of granting registration under section 12AA, therefore, CIT was not justified in denying registration on the ground that assessee trust had not got its account audited and not filed its return of income for preceding years.
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, […]
Where application for registration certificate was rejected solely on the ground that trust deed did not contain the beneficiary clause; opportunity was given to assessee to make fresh application after incorporating the said clause in the trust deed.
At the outset, Learned A. R. submitted that assessee is running a school and had been claiming exemption u/s 10(23C)(iii) and now the assessee had applied for registration u/s 12AA which the CIT (Exemptions) has refused relying on the provisions of section 13(1)(c) of the Act.
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
Hyderabad bench of ITAT ruled that Telangana Corrugators Development Trust is a public charitable trust eligible for Tax Exemption. It is held so in the case of Telangana Corrugators Development Trust versus Commissioner of Income Tax (Exemptions) while allowing the appeal of Assessee.
Just because the trust has been formed for complying CSR requirements it cannot per se be the reasons for denying registration under Section 12AA of the Income Tax Act.