Income Tax : Budget 2025 proposes a 10-year registration for small charitable trusts with income under ₹5 crores, aiming to reduce compliance...
Income Tax : Learn how to maximize tax deductions with Section 80G for donations to approved funds and institutions. Find out eligibility, paym...
CA, CS, CMA : Discover which companies qualify for CSR under the Companies Act, 2013, the scope of eligible activities, tax implications, and co...
Income Tax : AQs on charitable trusts, covering registration under Section 12AB, income tax rules, donation management, audit requirements, and...
Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....
Income Tax : Explore amendments to section 80G for filing approval applications by funds and institutions, effective from October 2024, ensurin...
Income Tax : Learn about the updated timelines for processing applications by trusts, funds, and institutions seeking tax exemption under secti...
CA, CS, CMA : Explore the ambiguity of Trust provisions under the Income Tax Act highlighted by Chartered Accountants Association Surat (CAAS). ...
Income Tax : CAG noticed ineffective monitoring of accumulation of income and its utilization, ineffective monitoring of receipts and utilizati...
Income Tax : ITAT Mumbai held that deduction under section 80G of the Income Tax Act eligible towards donations, even if donations are part of ...
Income Tax : ITAT Nagpur remands Jeewak Welfare Society's 80G registration rejection, citing insufficient details. Orders CIT(E) to re-evaluate...
Income Tax : ITAT reinstates 80G approval for Tiger Research and Conservation Trust, highlighting its compliance with fund utilization and its ...
Income Tax : ITAT Ahmedabad overturns 12A and 80G renewal rejections, citing lack of examination by CIT(E) and violation of natural justice....
Income Tax : ITAT Ahmedabad overturns CIT(E)'s rejection of Indian Red Cross's 80G approval, citing ignored submissions and directs fresh adjud...
Income Tax : Explore the notification under section 80G(2)(b) of the Income Tax Act 1961 for Shree Ramanuj Kot Trust in Indore. Details of vali...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Income Tax : CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, ...
Income Tax : CBDT extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of th...
Income Tax : CBDT vide Notification No. 36/2021-Income Tax Dated: 23rd April, 2021 notifies ‘Maa Umiya Temple managed by Vishv Umiya Fo...
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’ […]
Naresh Kabra “Is HINDI a ‘Vernacular Language’?” (Core issue w.r.t New process of registration of Charitable Institution Under Income-tax) OVERVIEW: This is with reference to the new process of registration of 12AB, approval of 80G and 10(23C) under Income-tax 1961, as per ‘The Income-tax (6th Amendment) Rules, 2021‘ notified by Central Board of Direct Taxes […]
Dear friends, 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. As per this notification from 01 April 2021 onwards, every entity, covered under sub-rule (1), who intends to undertake any […]
Mandatory Re-Registration Under Section 12A and 80G of Income Tax Act by Existing NGO before 30.06.2021 -FAQ’s Dear friends, NGOs are an integral part of our Society. There are many NGOs in India like The Earth Saviours Foundation, The Akshaya Patra Foundation, Iskcon, etc which are providing food and shelter to the needy peoples. To […]
CA Shailesh R Ghedia president of BJP Professional Cell, Mumbai has written a letter to Honorable Finance Minister, Smt. Nirmala Sitharaman and brought to her attention improper Drastic changes made in Income tax provisions relating to Charitable and Religious Trusts (Trusts/NGOs. He highlighted provisions relating to putting severe restriction on utilization of Corpus Donations, provisions […]
Paying tax is an important responsibility of an individual towards a nation, however, at the same time, with financial planning you can save your taxes while fulfilling your responsibility by using the tax saving schemes given by the government. Tax planning is an integral part of a financial plan that helps in the reduction of […]
CBDT vide Notification No. 36/2021-Income Tax Dated: 23rd April, 2021 notifies ‘Maa Umiya Temple managed by Vishv Umiya Foundation at Jaspur, Ahmedabad’ to be place of artistic importance and a place of public worship of renown throughout the state of Gujarat State for the purposes of Section 80G(2)(b) from Financial Year 2021-2022 MINISTRY OF FINANCE […]
Is it mandatory to file ITR and audit report of the Trust/ institutes registered under Section 12A/ Section 12AA of Income Tax Act, 1961? For the Trust/ institutes registered u/s 12A/12AA*, Is it mandatory to file ITR and audit report of the Trust/ institutes registered u/s 12A/12AA*? let’s try to find answer step by step […]
A Brief about Form 10A and 10AB as per new Law on Registration of trust under Section 12A and Section 80G and Approval U/s 10(23C) and Section 35(1) The Finance Act, 2020 has made changes leading to complete overhaul in the registration process of charitable and religious organisations. The procedure for registration of every organisation […]
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 […]
