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...
Shrimad Dayanand Shiksha Samiti Bhilwada Vs CIT (ITAT Jaipur) From the facts of the present case, we noticed that the assessee had filed an application before the ld. CIT (Exemption) for seeking registration u/s 12AA of the Act. The assessee had also furnished the copy of MOA notorized by the Notary Officer, Bhilwara. However, the […]
As per the existing provisions of the Act, donations made by a trust to any other trust or institution registered under section 1 2AA or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via)
Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under provisions of Income Tax Act’1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust.
Delhi Police Education Fund Vs CIT (ITAT Delhi) Assessee argued that the assessee is involved in promoting the post Higher Secondary Education and fulfils the test of Section 2(15) of the Act, the definition of charitable purpose. Ld. DR argued that the assessee’s activities are limited to the wards of the Police personnel. Hence, it […]
The issue under consideration is whether the CIT(A) is correct in upholding IDC receipts as normal trading receipts ignoring that the money belongs to state government?
Union Budget 2020 proposed significant changes in compliance and registration procedure of Religious or Charitable Trusts/ Institutions etc. which are registered under section 12AA of the Income Tax Act. Accordingly, the following amendment was made in the Finance Act, 2020 which reads as:- Under Section 11:- In section 11 of the Income-tax Act, in sub-section […]
Very often we get involve in rendering of professional services to charitable and religious organization commonly called as NGO, NPO etc. These services include Auditing, Accounting, Taxation, consultancy, foreign transaction related issues etc. In this regard as far as taxation services are concerned some common errors frequently happen and by mean of this article I have tried to demonstrate those errors and also the corrective measures thereof.
Introduction There is sea change in provisions relating to registration of trusts. Finance Act 2020 has set out norms for registration of Trusts. This article discusses these new norms in context of: 1. Trusts registered under old regime 2. Provisional registration of new trusts 3. Final registration of provisionally registered trusts 4. Renewal of registration […]
Income tax Act 1961 provides exemption to the Public Charitable trust and Religious trust (herein after referred to as Trust in this article)u/s 11(exemption from Income from property held for charitable or religious purposes) and u/s 12 ( exemption Income of trusts or institutions from contributions). However to claim exemption under the aforementioned section, the […]
The issue under consideration is whether the exemption u/s 11 will be allowed against the interest income, exchange gain, and miscellaneous income to the Confederation of Indian Textile Industry?
