Goods and Services Tax : The 54th GST Council recommends RCM for renting of commercial property by unregistered persons to registered entities, raising var...
Income Tax : Understand the income of trusts or institutions, including registration, exemptions, and FAQs. Learn about Sections 12A, 12AA, and...
Income Tax : Explore the intricacies of Section 12AB registration for General Public Utility (GPU) organizations under the Income Tax Act. Lear...
Income Tax : Explore the nuances of Gift Tax under the Income Tax Act, exemptions, and its impact on recipients. Learn about tax planning throu...
Income Tax : Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institu...
Income Tax : Learn about the updated timelines for processing applications by trusts, funds, and institutions seeking tax exemption under secti...
Income Tax : Understand amendments to trust registration timelines under Income-tax Act section 12A. Learn how delays can be condoned by the Co...
CA, CS, CMA : Explore the challenges faced by Charitable Trusts due to delays or errors in submitting applications under Section 12A(1)(ac) of t...
CA, CS, CMA : Explore the ambiguity of Trust provisions under the Income Tax Act highlighted by Chartered Accountants Association Surat (CAAS). ...
Income Tax : Karnataka State Chartered Accountants Association made a representation on 31.10.2022 to Minister of Finance Smt. Nirmala Sitharam...
Income Tax : ITAT Ahmedabad allows registration under section 12AB, clarifying that section 13(1)(b) applies only at the assessment stage....
Income Tax : ITAT Ahmedabad dismisses Yug Nirman Gayatri Parivar Trust's appeal for 12A registration after withdrawal due to fresh application ...
Income Tax : ITAT Ahmedabad held that the applicability of Section 13 of the Income Tax Act should only be examined during assessment and not a...
Income Tax : Bombay HC quashes trust registration cancellation for Little Sisters of the Poor Sawantwadi due to misdelivery of notice to incorr...
Income Tax : ITAT Bangalore held that filing of form 10B is only directory and the same is not mandatory. Hence denial of exemption under secti...
Income Tax : CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024....
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...
Reference to the Principal Commissioner or Commissioner (PCIT/CIT) for the cancellation of registration/approval to trusts or institutions: a) The following issues related to the process of approval or registration, or cancellation or withdrawal thereof, have been noticed, namely:- i) Registration or approval of non-genuine trusts or institution under automated approval system: First and second provisos […]
Where the total income of any trust or institution under the second regime, as computed under this Act without giving effect to the provisions of section 11 and section 12 of the Act, exceeds the maximum amount which is not chargeable to income-tax in any previous year, it is required to get its accounts audited. Similar provision exists for the trusts or institutions under the first regime in the tenth proviso to clause (23C) of section 10 of the Act.
BCAS representation in regard to the conditions set out in various orders of registration granted to Charitable institutions in response to applications preferred under section 12A(1)(ac) and the first proviso to section 10(23C) of the Income Tax Act 1961. Bombay Chartered Accountants Society Harnessing Talent and Providing Quality Service 7, Jolly Bhavan 2, Ground Floor, […]
Budget 2020 proposes to digitize the process of registration for Charitable Trusts. Even the existing charitable institutions are required to apply for fresh registration under the new provisions of Sec 12AB of Income Tax Act. This article discusses the new provisions and procedure for registration under the new Section 12AB of the Act. In order […]
Cancellation of registration of a Trust or Institution under section 12AA/AB of Income-tax Act 1961 – latest Supreme Court decision and legal ramifications Registration of trust or institution Income of a Trust created wholly for charitable or religious purposes or an institution established wholly for such purposes is exempt from income tax if granted registration […]
Effective Date: All the existing trusts and institutions registered under section 12AA of Income Tax Act, 19861 shall re-register themselves under section 12AB w.e.f. 01.04.2021 Registration u/s 12AB: Registration granted u/s 12AB shall remain valid for 5 years. (3 years in case of provisional registration) Forms to be filled: Form 10A: (Last date of filling […]
Our Government is trying to make income tax portal user friendly but untimely changes brought on the portal has made the professionals’ work more difficult as the portal is still not functional completely. Updations and changes are always welcome and appreciable by the users, if it is timely. When change is in our hands and […]
In no case such existing registered trusts or institutions which have applied for re-registration by filling Form 10A under section 12A(1)(ac)(i) should be treated as trusts or institutions falling under 12A(1)(ac)(vi).
BJP professional cell has requested FM Smt. Nirmala Sitharaman Madam through its president CA Shailesh R. Ghedia for extension of time limit for Re-registration under section 12AB of Income Tax Act, 1961 for Charitable Trusts/NGOs. Text of their representation is as follows:- BJP Professional Cell Date :- 05.06.2021 To Smt. Nirmala Sitharaman Madam Hon’ble Union […]
NGOs in India can function in the form of constitutions like, trust, society or a Not for Profit company etc.,. For the purpose of claiming exemption under section 11 & 12 of the Income Tax Act, 1961 (the Act) it is mandatory for all the NGOs to register themselves under section 12 A of the Act.