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Income Tax : The document highlights situations where exemptions under Sections 11 and 12 can be withdrawn, including benefits provided to inte...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...
In order to ensure that the intended purpose of exemption availed by trust or institution is achieved, a specific provision in the Act is required for imposing a levy in the nature of an exit tax which is attracted when the organization is converted into a non-charitable organization or gets merged with a non-charitable organization or does not transfer the assets to another charitable organisation.
Impact of Budget 2020 Finance Bill on charitable institutions:- 1) Re-validation of existing registrations All the existing charitable and religious institutions already registered under Section 12A (trusts and institutions registered prior to 1996), Section 12AA (trusts and institutions registered after 1996), Section 10(23C) and Section 80G will be required to re-apply to the income tax authorities […]
In the given case, the object of the provision in question is to ensure that the activities undertaken by the Trust are not contrary to its objects and that a Commissioner is entitled to refuse registration if the activities are found contrary to the objects of the Trust
CIT Vs R.S. Bajaj Society (Allahabad High Court) The only ground on which the CIT rejected the application for registration was that though the society was established in August 2011 with a dominant object of imparting higher medical education by establishing Medical Colleges, Hospitals and Research Centres, such charitable activities had not still been commenced. […]
Explore Supreme Court’s decision on trust registration under Section 12AA without activities. Learn implications for newly formed trusts. #IncomeTaxAct
Whether a newly formed trust is entitled for registration under Section 12AA of the IT Act, 1961 even if any activity has not been undertaken as yet?
Registration under section 12A was allowable to assessee-society as the objects of the society was charitable in nature and activities were genuine; even if the control of the trust property was not vested in the public but was retained by the settlors and moreover, registration with the Registrar of Societies was not a precondition for granting registration u/s 12A.
TAT see no reason to uphold the levy of penalty in the present case U/s 271(1)(c) of the Act, since the basis for levy of penalty, being cancellation of registration granted to the assessee U/s 12A of the Act and as a consequence treating its surplus and corpus donation as not exempt but taxable under the Act, has been quashed by the ITAT.
While a trust is registered under Section 12AA, the registration referred to therein shall be inoperative from the date of approval of the trustor organization pursuant to Section 10(23C) or Section 10(46) or from the date of entry into force of this proviso, i.e. 01/06/20020 as previously stated. New Article 12A(1)(ac) was introduced provided that, […]
The Union Budget and Finance Bill 2020 has proposed major changes for charitable trusts and institutions like renewal of 12AA and 80G registration, furnishing a quarterly statement of donor wise donations, issue of a certificate to all the donors, etc. All such proposed changes are explained below: Section 10(23C): Every approved fund or trust or […]
