Income Tax : The article explains how procedural lapses in trust registration renewal can activate Section 115TD and impose heavy tax on accret...
Income Tax : The Income-tax Department intensified scrutiny of charitable entities after finding high surplus margins, premium pricing, and com...
Goods and Services Tax : The content addresses key statutory deadlines under income tax and GST laws for May 2026. It highlights due dates and compliance r...
Income Tax : The new law replaces time-bound approvals with continuous compliance monitoring for charitable entities. Registration now survives...
Income Tax : The approach differs for pending, rejected, or delayed applications. Trusts must choose the right remedy based on procedural posit...
Income Tax : The representation highlights large-scale pendency and administrative bottlenecks under Sections 12AB and 80G, urging immediate re...
Income Tax : Suggestions to simplify 12AB and 80G renewal for charitable trusts, proposing conditional approvals, straight-through processing f...
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...
Income Tax : The Tribunal condoned a 60-day delay after accepting explanations relating to migration of the ITAT portal and the death of a fami...
Income Tax : ITAT Mumbai held that the Commissioner of Income Tax (Exemptions) cannot impose independent or contingent conditions while grantin...
Income Tax : ITAT Bangalore held that the Income Tax Act does not bar a trust from filing a fresh Section 80G application merely because an ear...
Income Tax : The Calcutta High Court upheld rejection of exemption under Section 12AB after finding that proposed microfinance activities invol...
Income Tax : The ITAT held that the institution’s activities as a seminary imparting religious training to priests established its religious ...
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...
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.
Q. Whether all NGO (Trust/Society/Section 8 Company) are required to file application for Registration under new rules? Ans. Yes, All NGO already registered under section 80G,12A,12AA or 10(23c) or section 35(1) are required to file fresh application for registration under the specified form and manner. Q. What type of form available for registration? Ans. Form […]
Direct Taxes Professionals’ Association has made a representation to Hon’ble Finance Minister, Mrs. Nirmala Sitharaman, and requested for extending dates for filing belated and Revised IT Returns for AY 2020-21 and for furnishing Form 10A for fresh Registration under section 12AB and exemption under section 80G of the Income Tax Act, 1961 DIRECT TAXES PROFESSIONALS’ […]
Finance Act, 2020 introduced various amendment related to the registration of Charitable trust and Religious trust for availing the exemption u/s 11 and 12 of the Income Tax Act, 1961 (Act). Thereby, the legislature introduced section 12AB in the Act and made erstwhile provision of registration (i.e. section 12AA) inoperative.
Ongoing through the form 10A, it is noticed that various financial information have been required to be filled pertaining to different date and period which is causing hardship to submit the same at this pandemic period where almost all offices have remained closed in month of April, 2021 and also continue to be closed at present.
