Income Tax : CS 04 scrutiny examines whether trusts and NGOs validly claimed exemption in ITR-7 despite registration, approval, renewal, cancel...
CA, CS, CMA : A complete guide to the major Income Tax and GST compliance deadlines falling in July 2026, including ITR filing, TDS/TCS, GST ret...
Income Tax : A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to ...
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 analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
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 : ITAT Mumbai held that denial of Section 11 exemption does not bar consideration of deductions under Section 57(iii) after factual ...
Income Tax : ITAT Surat held that delayed filing of Form 10B is a procedural lapse and remanded the matter after directing the AO to consider t...
Income Tax : ITAT held that the Commissioner must assess the genuineness of activities and charitable objects instead of rejecting registration...
Income Tax : ITAT Surat held that existing charitable institutions obtaining provisional approval for the first time should not be denied regul...
Income Tax : High Court restrained tax recovery, holding the Section 154 order prima facie breached natural justice by withdrawing exemption wi...
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...
SECTION 2(15): defines Charitable Purpose significant includes relief of the poor, education, medical relief and SECTIONS 11, 12, 12A, 12AA,12AB and 13 deal with scheme of tax exemption in respect of income, its application and accumulation of charitable trusts/ institution subject to fulfilment of certain conditions.
Finance Act, 2020 made a paradigm shift in the process of registration of public charitable trust by inserting a new section 12AB. Though the same to be made applicable from 1st June, 2020, the pandemic delayed its applicability and the same was made applicable recently on 1st April, 2021. The notification making the same applicable […]
All Trust, Society, NGO’s Do before 30.06.2021 This article focus on major changes brought in by Finance Act 2020 replace section 12AA into 12AB and consequential change sin Section in section 10(23C) as well as 80G. Due to Covid-19 pandemic CBDT has decided to defer the implementation of new procedure for approval/registration from 1st Oct […]
Registration Procedure For Trusts/Institutions Seeking Registration U/S 12Ab For The First Time Newly inserted provisions namely section 12AB and clause (ac) in subsection 1 of section 12A in The Income-tax Act, 1961 (Act) have changed the procedure for trusts/ institutions to get themselves registered under the Act. For trusts/institutions which intend to get themselves registered […]
This article focuses on the major changes brought in by the Finance Act 2020 by introducing new section 10AB replacing section 10AA and bringing in similar amendments in section 10(23C) and Section 80G. These provisions pertaining to registration were originally made effective from 01-06-2020. Subsequently, due to the crisis caused by COVID-19, the Central Board […]
Mandatory Registrations for NGOs after 01.04.2021 – Form CSR-1, Section 80G and Section 12AB of Income Tax Act As per Notification issued by Ministry of Corporate Affairs dated 22nd January 2021, it is mandatory for all NGO’s which wants to raise CSR Funding to enrol with MCA w.e.f 01/04/2021 to get CSR Funding. And Filing […]
Fresh application of registration for existing Trusts/Institutions under section 12AB w.e.f. 1st April, 2021 To update register of Charitable and Religious Trusts, the Finance Minister of our Country, Smt. Nirmala Sitaraman had presented a proposal in Union Budget 2020, to make substantial amendments for granting registration to the Charitable / Religious Trusts, Institutions etc. Under […]
Notification no. 19/2021 dated 26/03/2021 issued by CBDT, pertaining to procedure for registration of fund/trust/charitable institutions etc. ➢ Notification Substitutes/Amends/Inserts rules related to registration of fund/trust/charitable institutions. All NGOs that are already APPROVED under Section 12A/12AA and Section 80G as of this date & all such NGOs who shall be seeking PROVISIONAL REGISTRATIONS with the […]
Re-validation of existing Tax Exemption Certificate under new Section 12AB of Income Tax Act, 1961 w.e.f. April 1, 2021 The Central Board of Direct Taxes, by Notification No. 19/2021-Income Tax Dated- 26th March, 2021, amended the Income Tax Rules, 1962 called as Income-tax (6th Amendment) Rules, 2021, pertaining to procedure for registration of fund/ trust/charitable […]
Registration U/s – 80G of Income Tax Act, 1961 – Latest Process & Compliances Dear friends, as we all know, NGOs are integral part of our society. There are many NGO in India which are working for the social welfare of society. During lockdown period they have played a very important role in serving the […]
