Trust

Charitable Trusts De-Registration (Cancellation) drive in Maharashtra

Income Tax - The Hon’ble Charity Commissioner, Maharashtra State, Mumbai vide Notification dated DGIPR/2016-2017/4109 had notified the Special Drive, 2017 Scheme for speedy disposal of all the Change Reports (Change in Trustees / Properties) during the period 01/01/2017 – 31/01/2017. Mode details about the same can be read here:...

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SC judgment interpreting consumer protection Act excluding a trust

Income Tax - A Public Trust engaged in a good cause are made to suffer for the deficiencies and malpractices of the service providers by such narrow interpretation. It is not an equitable and just interpretation...

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Beneficial Interest and the concept of property

Income Tax - Through this article, we try and understand a very interesting question of whether beneficial interest can be considered a property. To get a better insight, we first need to understand the concept of beneficial interest in law and what amounts to property....

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Concept of NGO and Income Tax Provisions

Income Tax - Trust, Society and Section 8 Company can seek registration u/s 12A to claim exemption under provisions of Income Tax Act’1961, if certain conditions are satisfied. Section 12A deals with registration of trust and section 12AA deals with procedure for registration of trust....

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Key Points for Registration of Trust / Society u/s 12AA of I T Act, 1961

Income Tax - The following points have to be observed in connection with Registration of Eligible Entity under Section 12AA of the Income Tax Act, 1961: (01) The due reasonable opportunity of being heard properly has to be provided to the applicant as per Subsection (1) of Section 12AA of the Income Tax Act, 1961. ...

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CBDT withdraws tax-exemption of four cricket associations

Income Tax - The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities which were considered commercial in natu...

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Trust evading Tax due to casual approach of Income Tax Department : CAG

Income Tax - ITD granted registrations/approvals/notifications to the 799 Trusts without verifying necessary documents such as copy of the Trust Deed, proper clauses in the Trust Deed, audited accounts etc. ITD granted registrations/approvals/notifications to 73 Trusts having no PAN which is in contravention of the provisions of Act....

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Department Issuing Notice to Charitable Trust If They Collecting Any Fess, Cess Or Other Consideration For Services Rendered

Income Tax - As per the new definition of charitable purpose in Finance Act 2008, advancement of any object of public utility, which was earlier considered to be “charitable purpose,” is now not so if it involves the “carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service in relation to ...

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Amendment to Section 20 of The Indian Trusts Act, 1882

Income Tax - Amendment to Section 20 of the Indian Trusts Act, 1882 (2 of 1882) which relates to investment of trust money has been approved by the Cabinet today. A Bill will be introduced in the ensuing Session of Parliament. ...

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No S. 12AA Registration cancellation for non-start of charitable or religious activity

CIT vs. Shreedhar Sewa Trust (Allahabad High Court) - Registration U/s. 12AA cannot be cancelled on the ground that trust has not yet commenced charitable or religious activity- CIT vs. Shreedhar Sewa Trust (Allahabad High Court)...

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Tax Exemption cannot be denied to Trust not meant for one particular religious community

CIT (Exemptions) Vs. M/s. Indian Society Of The Church Of Jesus Christ Of Latter Day Saints (Delhi High Court) - It has been found that the activities of the Assessee Society, though both religious and charitable, were not exclusively meant for one particular religious community. It was, therefore, rightly not denied exemption under Section 11 of the Act....

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Exemption U/s. 11 cannot be denied for delayed-filing of audit report alongwith return due to seizure of accounts

DIT(E) Vs. Vishwa Hindu Parishad (Delhi High Court) - Conclusion: Where assessee trust could not file audit report as its accounts having been seized were released for quite a shorter time period before filing of return, however, the audit report had been filed along with revised return filed by assessee even before last date prescribed for completion ...

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No exemption U/s. 11 on acquisition of assets from borrowed funds

Deputy Commissioner of Income-tax (E) Vs M/s. Peoples Education Society (ITAT Bangalore) - In M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act....

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Exemption to State Cricket Association cannot be denied for providing stadium to conduct matches

DCIT (Exemptions) Vs M/s Tamil Nadu Cricket Association, (ITAT Chennai) - Whether the activity of conducting one-day matches'T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade? ...

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Govt asks NGOs getting foreign funds to register with Niti Aayog

No. II/21022/58(119)/2015/FCRA (MU)/ - (04/10/2017) - It has been decided that all the existing FCRA registered associations and those who are seeking registration/prior permission or accepting foreign contribution are required to register with DARPAN Portal with all the necessary information such as Organization PAN, email, Mobile Number & Name of Chi...

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Indian Trusts (Amendment) Act, 2016 applicable from 17/04/2017

Notification No. S.O. 1184(E) - (17/04/2017) - Central Government hereby appoints 17th day of April, 2017 as date on which provisions of Indian Trusts (Amendment) Act, 2016 (34 of 2016 shall come into force....

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No mandatory Trust registration cancellation u/s 12AA for Turnover

Circular No. 21/2016-Income TAx - (27/05/2016) - It is clarified that it shall not be mandatory to cancel the registration already granted u/s 12AA to a charitable institution merely on the ground that the cut-off specified in the proviso to section 2(15) of the Act is exceeded in a particular year without there being any change in the nature of a...

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Section 11-CBDT notifies online forms for accumulation of income by a trust

NOTIFICATION NO. 03/2016 - (14/01/2016) - NOTIFICATION NO. 03/2016 Exercise of option etc under section 11. (1) The option to be exercised in accordance with the provisions of the Explanation to sub-section (1) of section 11 in respect of income of any previous year relevant to the assessment year beginning on or after the 1st day of April,...

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Taxation of 'Alternate Investment Funds' having status of non-charitable trusts -Reg.

Circular No. 13/2014-Income Tax - (28/07/2014) - Circular No. 13/2014-Income Tax The SEBI (Alterative Investment Funds) Regulations, 2012 ('AIF Regulations') vide Regulation No.4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the Alternative Investment Funds ('AIFs') into three broad...

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Trust’s Popular Posts

Recent Posts in "Trust"

Charitable Trusts De-Registration (Cancellation) drive in Maharashtra

The Hon’ble Charity Commissioner, Maharashtra State, Mumbai vide Notification dated DGIPR/2016-2017/4109 had notified the Special Drive, 2017 Scheme for speedy disposal of all the Change Reports (Change in Trustees / Properties) during the period 01/01/2017 – 31/01/2017. Mode details about the same can be read here:...

Read More
Posted Under: Corporate Law |

Govt asks NGOs getting foreign funds to register with Niti Aayog

No. II/21022/58(119)/2015/FCRA (MU)/ (04/10/2017)

It has been decided that all the existing FCRA registered associations and those who are seeking registration/prior permission or accepting foreign contribution are required to register with DARPAN Portal with all the necessary information such as Organization PAN, email, Mobile Number & Name of Chief Functionary as mandated in the portal...

Read More

No S. 12AA Registration cancellation for non-start of charitable or religious activity

CIT vs. Shreedhar Sewa Trust (Allahabad High Court)

Registration U/s. 12AA cannot be cancelled on the ground that trust has not yet commenced charitable or religious activity- CIT vs. Shreedhar Sewa Trust (Allahabad High Court)...

Read More

Tax Exemption cannot be denied to Trust not meant for one particular religious community

CIT (Exemptions) Vs. M/s. Indian Society Of The Church Of Jesus Christ Of Latter Day Saints (Delhi High Court)

It has been found that the activities of the Assessee Society, though both religious and charitable, were not exclusively meant for one particular religious community. It was, therefore, rightly not denied exemption under Section 11 of the Act....

Read More

Exemption U/s. 11 cannot be denied for delayed-filing of audit report alongwith return due to seizure of accounts

DIT(E) Vs. Vishwa Hindu Parishad (Delhi High Court)

Conclusion: Where assessee trust could not file audit report as its accounts having been seized were released for quite a shorter time period before filing of return, however, the audit report had been filed along with revised return filed by assessee even before last date prescribed for completion of assessment, AO was not justified in d...

Read More

No exemption U/s. 11 on acquisition of assets from borrowed funds

Deputy Commissioner of Income-tax (E) Vs M/s. Peoples Education Society (ITAT Bangalore)

In M/s. Peoples Education Society Vs. DCIT(E), the ITAT, Bengaluru held that the assessee- society is not entitled to exemption in respect of investment in fixed asset using loan amount under section 11 of the Income Tax Act....

Read More

SC judgment interpreting consumer protection Act excluding a trust

A Public Trust engaged in a good cause are made to suffer for the deficiencies and malpractices of the service providers by such narrow interpretation. It is not an equitable and just interpretation...

Read More
Posted Under: Corporate Law |

Exemption to State Cricket Association cannot be denied for providing stadium to conduct matches

DCIT (Exemptions) Vs M/s Tamil Nadu Cricket Association, (ITAT Chennai)

Whether the activity of conducting one-day matches'T-20 matches and Indian Premier League matches by Tamil Nadu Cricket Association would amount to doing business or trade? ...

Read More

Beneficial Interest and the concept of property

Through this article, we try and understand a very interesting question of whether beneficial interest can be considered a property. To get a better insight, we first need to understand the concept of beneficial interest in law and what amounts to property....

Read More
Posted Under: Corporate Law |

Trust Corpus Fund cannot be taxed despite non registration u/s 12AA

Divine Educational Institute and Social Development Society Vs. ITO (ITAT Delhi)

Corpus fund which is meant for specific purpose to meet out capital expenditure could not be part of annual receipts of educational institution, even if no registration u/s 12AA have been granted....

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