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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
The Finance Act 2020 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 could be […]
Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Income Tax Act, 1961 till 01st October,2020 The Finance Act, 2020 has introduced certain new compliance burdens on Charitable Trusts and Exempt Institutions. The Budget 2020 has amended certain provisions of the Income Tax Act, 1961 having a great […]
CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation within three months from 1st October, 2020, i.e, by 31st December, 2020.
Charitable Institutions supplement the efforts of the Government in providing social services. This fact is more visible during the COVID-19 whereby many such institutions have taken upon themselves the task of providing food to the needy and supporting other social activities. The Government, on their part realising the supplementary efforts of the these institutions, provide […]
Presently, the charitable trusts/Institution are 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 CG/Commissioner of Income tax basis the documents called for, find that the same should be rescinded/withdrawn. Also Read: […]
FM has proposed various amendments in Union Budget 2020 which includes Amendments in Section 12A, Section 80G, 12AA etc related to Registration of Charitable Trust or Non-Profit organization (NPO). Article discusses the same in detail- Question: My NGO has life time validity of 12A and 80G certificate, should I apply for fresh registration? Answer: Yes, […]
The Income Tax Act makes a distinction between Trusts for charitable purposes and those for religious purposes, though both are entitled to exemption under section 11 of the Act. The creation of religious charitable trusts is governed by the personal laws of the religion. The administration of these religious trusts can either be left to […]
The supreme court was of the view that section 12AA of Income Tax Act, 1961 mandates that the commissioner of Income tax or the principal commissioner, as the case may has to satisfy his/her conscious that the activities under taken by the Trust are genuine and are eligible charitable activities.
A New Era of Taxation of Charitable/Religious Trusts-Facing the challenges ahead amid a Paradigm Shift in the Regulatory Scheme clothed with some additional compliance burden for the Financial Year 2020-21 This year the Taxman has come with a substantial overhaul having regard to the taxation of the Trusts, Societies, NGOs etc. i.e. Charitable Trusts including educational, […]
Article explains Proposed Amendments in Finance Bill, 2020 applicable on Charitable Organisations and includes Cases Applicable On Organisations Registered Under Section 12A As Well As Under Section 10(23C) Of Income Tax Act,1961 and Cases Applicable Only On Organisations Registered Under Section 12A. Cases Applicable On Organisations Registered Under Section 12A As Well As Under Section […]
