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...
Finance Act, 2020 made a paradigm shift in the process of registration of public charitable trust by inserting a new section 12AB. Though the same to be made applicable from 1st June, 2020, the pandemic delayed its applicability and the same was made applicable recently on 1st April, 2021. The notification making the same applicable […]
All Trust, Society, NGO’s Do before 30.06.2021 This article focus on major changes brought in by Finance Act 2020 replace section 12AA into 12AB and consequential change sin Section in section 10(23C) as well as 80G. Due to Covid-19 pandemic CBDT has decided to defer the implementation of new procedure for approval/registration from 1st Oct […]
Registration Procedure For Trusts/Institutions Seeking Registration U/S 12Ab For The First Time Newly inserted provisions namely section 12AB and clause (ac) in subsection 1 of section 12A in The Income-tax Act, 1961 (Act) have changed the procedure for trusts/ institutions to get themselves registered under the Act. For trusts/institutions which intend to get themselves registered […]
This article focuses on the major changes brought in by the Finance Act 2020 by introducing new section 10AB replacing section 10AA and bringing in similar amendments in section 10(23C) and Section 80G. These provisions pertaining to registration were originally made effective from 01-06-2020. Subsequently, due to the crisis caused by COVID-19, the Central Board […]
Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act As per Notification issued by Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR Funding. And Filing […]
Are you Charitable Trust/Institutions? Re-register now to continue to avail Tax Exemptions – New Forms notified In Pre-amendment era, the charitable trusts/Institution were 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 […]
Fresh application of registration for existing Trusts/Institutions under section 12AB w.e.f. 1st April, 2021 To update register of Charitable and Religious Trusts, the Finance Minister of our Country, Smt. Nirmala Sitaraman had presented a proposal in Union Budget 2020, to make substantial amendments for granting registration to the Charitable / Religious Trusts, Institutions etc. Under […]
New form for application for registration of Charitable or Religious Trusts or Institutions In the Union Budget of 2020, Government proposed significant changes in the registration procedure of Charitable or Religious Trusts/ Institutions or Educational Institutions which are registered under section 12AA of the Income Tax Act. The above amendment was subsequently made part of […]
The Finance Act 2020 and 2021 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Section 8 Companies including educational, medical and/or religious institutions complying with the certain rules of registration under the Income Tax Act, 1961 (the Act). The registrations were perpetuity in nature, and their registrations […]
CBDT vide notification No- 19/2021 dated 26th March 2021 has issued Income Tax (6th Amendment) Rules 2021 which now mandated all the trust/societies/ institutions/ fund/ hospitals (hereinafter called “applicant”) registered under Section 12A and 80G or Section 12AA to obtain fresh registration in the prescribed format under Sec 10(23C) of the Act.
