Trust Deed

Compliance Partnership firm – Forms, Fees and Documentation

Income Tax - Partnership is simple to form and manage compared to company and LLP. However there are requirement of filing various forms in case of change in address, addition / removal of partner, change in firm name or business place etc. The article give you a tabular presentation of requirement for filing forms in Maharashtra State with time limit...

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Formation & Taxation of Charitable Trust

Income Tax - A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the Companies Act. It generally takes the form of a trust when it is formed primarily by one or more persons. To form a Society at least seven persons are required. Institutions engaged in promotion of art, cul...

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Format of Decleration to be taken from Donee by Trusts for donation received towards Corpus Fund

Income Tax - As we all know anonymous donations received by a trust are taxable, so every charitable trust has to keep the records of donation received which includes keeping the name, address and PAN of donee. If donations are received towards corpus than trust should obtain from donee an instruction mentioning his intention to treat the donation giv...

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Standard format of Lease Deed, Agreements, Will, Deeds

Income Tax - will format, will by disabled person in favour of wife & daughter , revocation of will , simple will giving property to wife , will for religious and charity , simple will , complicated will , lease deed formats, lease of house on monthly tenancy , lease deed of land , agreement, deed, bond, indemnity bond with surety to ito , indemnity b...

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In absence of trust deed CIT cannot consider Trust Registration Application

Shri Swaminarayan Mandir Vs Director of Income-tax (Exemption) (ITAT Ahemdabad) - In the present case, the assessee was not having any trust deed. So it is quite difficult for the ld. Commissioner to arrive at a firm conclusion about the objects of the trust. In case the trust deed is being written after application for grant of registration, then that deed can never be seen thro...

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Commissioner is empowered to satisfy himself that the trust activates are genuine and in consonance with its objects before granting approval u/s 80G

Pearls Educational Institute Vs CIT (ITAT Delhi) - From the above facts, it is clear that Once the society during a period of almost 12 years has not carried out any activity, except purchasing land, to construct school/college building for imparting education, which was the main object of the society the activities of the trust for granting approva...

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Recognition can not be denied U/s. 80G (5) only on the ground that the particulars of donors are not provided by Institution or fund

Kalyanam Karoti Vs CIT (ITAT Lucknow 'A' Bench) - We have considered the rival submissions and perused the material on record. In our considered view , the reasons advanced by the learned CIT for refusing to grant continuation of recognition u/s 80G(5) are superfluous and do not stand to legal scrutiny within the meaning of section 80G(5). ...

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Section 164 attracted when shares of beneficiaries are unknown

CIT v P. Sekar Trust (Madras High Court) - Section 164 gets attracted only when the shares of the beneficiaries are unknown, which is manifest from the marginal heading of that section itself; so long as the trust deed gives the details of the beneficiaries and the description of the person who is to be benefited, the beneficiaries cannot be...

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Recent Posts in "Trust Deed"

In absence of trust deed CIT cannot consider Trust Registration Application

Shri Swaminarayan Mandir Vs Director of Income-tax (Exemption) (ITAT Ahemdabad)

In the present case, the assessee was not having any trust deed. So it is quite difficult for the ld. Commissioner to arrive at a firm conclusion about the objects of the trust. In case the trust deed is being written after application for grant of registration, then that deed can never be seen through by the ld. Commissioner for satisfyi...

Read More

Compliance Partnership firm – Forms, Fees and Documentation

Partnership is simple to form and manage compared to company and LLP. However there are requirement of filing various forms in case of change in address, addition / removal of partner, change in firm name or business place etc. The article give you a tabular presentation of requirement for filing forms in Maharashtra State with time limit...

Read More
Posted Under: Finance |

Format of Decleration to be taken from Donee by Trusts for donation received towards Corpus Fund

As we all know anonymous donations received by a trust are taxable, so every charitable trust has to keep the records of donation received which includes keeping the name, address and PAN of donee. If donations are received towards corpus than trust should obtain from donee an instruction mentioning his intention to treat the donation giv...

Read More
Posted Under: Finance |

Commissioner is empowered to satisfy himself that the trust activates are genuine and in consonance with its objects before granting approval u/s 80G

Pearls Educational Institute Vs CIT (ITAT Delhi)

From the above facts, it is clear that Once the society during a period of almost 12 years has not carried out any activity, except purchasing land, to construct school/college building for imparting education, which was the main object of the society the activities of the trust for granting approval under section 80G cannot be called gen...

Read More

Formation & Taxation of Charitable Trust

A public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered u/s 25 of the Companies Act. It generally takes the form of a trust when it is formed primarily by one or more persons. To form a Society at least seven persons are required. Institutions engaged in promotion of art, cul...

Read More
Posted Under: Finance |

Recognition can not be denied U/s. 80G (5) only on the ground that the particulars of donors are not provided by Institution or fund

Kalyanam Karoti Vs CIT (ITAT Lucknow 'A' Bench)

We have considered the rival submissions and perused the material on record. In our considered view , the reasons advanced by the learned CIT for refusing to grant continuation of recognition u/s 80G(5) are superfluous and do not stand to legal scrutiny within the meaning of section 80G(5). ...

Read More

Section 164 attracted when shares of beneficiaries are unknown

CIT v P. Sekar Trust (Madras High Court)

Section 164 gets attracted only when the shares of the beneficiaries are unknown, which is manifest from the marginal heading of that section itself; so long as the trust deed gives the details of the beneficiaries and the description of the person who is to be benefited, the beneficiaries cannot be said to be uncertain, merely because wi...

Read More

Standard format of Lease Deed, Agreements, Will, Deeds

will format, will by disabled person in favour of wife & daughter , revocation of will , simple will giving property to wife , will for religious and charity , simple will , complicated will , lease deed formats, lease of house on monthly tenancy , lease deed of land , agreement, deed, bond, indemnity bond with surety to ito , indemnity b...

Read More
Posted Under: Finance |

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