Trust

Public Charitable Trusts in trouble due to delay in Filing Form 10

Income Tax - In case of Public Charitable Trusts, with a view to prevent hardships faced by the TRUSTS in filing the Form 10 and in exercise of the powers conferred under section 119(2)(b) of the Income Tax Act 1961, the CBDT has issued Circular No. 6/2020 dated 19.02.2020 giving powers to the Jurisdictional Commissioners to admit Condonation [&hellip...

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Changes in Charitable Trust, NGO, Society or Institutions from 01.04.2021

Income Tax - 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 1...

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Trusts – Be eligible to receive CSR

Income Tax - As per guidelines issued by MCA, From 1st April 2021, CSR Funding will be released only to that NGOs, Trusts, Religious Trusts, Societies, 12AA registered entities, 80 G granted entities, Section 8 Company that are registered with MCA by filing Form CSR-1.So, if such institutions willing to receive CSR Funding then it is mandatory for [&h...

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Charitable Trusts to Re-register to avail Tax Exemptions

Income Tax - Are you Charitable Trust/Institutions? Re-register now to continue to avail Tax Exemptions – New Forms notified In Pre-amendment era, the charitable trusts/Institution were enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under secti...

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ITAT allows Tata Trust to surrender Section 12A Registration w.e.f. 20.03.2015

Income Tax - This write up summarizes the decision of the Mumbai ITAT in the matter of R.D Tata Trust (Assessee) wherein Tribunal held that cancellation of Registration granted to the assessee will have effect from the date on which the hearing of First show cause notice was concluded. Facts of the case The assessee trust was constituted […]...

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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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ITAT allows Depreciation to Trust- Section 11(6) amendment is prospective

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) - ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deducti...

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Section 10(23C) application Can’t be Rejected merely for Surplus generation

The Indian Institute of Banking & Finance Vs CIT (Exemp.) (ITAT Mumbai) - whether rejection of approval u/s 10(23C) on the allegation of institution existing not solely for the purpose of education but for the purpose of profit is justified in law?...

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New trust entitled for Section 12AA registration despite no activity: SC

Anand Social and Educational Trust Vs CIT & Anr. (Supreme Court) - Anand Social and Educational Trust Vs CIT & Anr. (Supreme Court) Whether a newly formed trust is entitled for registration under Section 12AA of the Income Tax Act, 1961 even if any activity has not been undertaken as yet? In brief, section 12AA of the Act empowers the Principal Commissioner or ...

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Exemption u/s 10(23)(iiiad) cannot be denied for mere surplus 

New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi) - New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi) Exemption u/s 10(23)(iiiad) of the Income Tax Act, 1961 should not be denied to the assessee as selling of books and uniform to the students of assessee is part of educational activity only. Moreover, the impugned addition was made m...

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Transport facility by School is incidental to main object of education

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi) - Challenging the order dated 02.03.2015 in Appeal No 98/13-14/GZN/63 for the assessment year 2010-11 passed by the learned Commissioner of Income-tax (Appeals), Muzaffarnagar (for short hereinafter called as the learned CIT(A)), the assessee preferred this appeal....

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CBDT notifies New Income Tax Rules & Forms for Trust & NPOs

Notification No. 19/2021-Income Tax/G.S.R. 212(E). - (26/03/2021) - CBDT issues Notification no. 19/2021 dated 26/03/2021 pertaining to procedure for registration of fund/ trust/charitable institutions etc. All institutions, funds etc covered under clause (i) and (iv) of first proviso to section 10(23C), fifth proviso to section 35(1), clause (i) and (iv) of first p...

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Bombay Public Trusts (Second Amendment) Rules, 2019

No. BPT-1117/C.R. 59/Desk XV - (15/05/2019) - These rules may be called the Bombay Public Trusts (Second Amendment) Rules, 2019. 2. In rule 1 of the Bombay Public Trusts Rules, 1951, in sub-rule (1) i.e., in the short title and throughout the principal Rules, for the words and figures Bombay Public Trusts Rules, 1951 the words Maharashtra Publi...

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Internal Audit Procedure of Registration Process of Charitable Trusts

F. No. 240/8/2015— A & PAC —11 - (14/12/2018) - It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts / Institutions should be brought under the purview of internal audit....

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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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Recent Posts in "Trust"

Public Charitable Trusts in trouble due to delay in Filing Form 10

In case of Public Charitable Trusts, with a view to prevent hardships faced by the TRUSTS in filing the Form 10 and in exercise of the powers conferred under section 119(2)(b) of the Income Tax Act 1961, the CBDT has issued Circular No. 6/2020 dated 19.02.2020 giving powers to the Jurisdictional Commissioners to admit Condonation [&hellip...

Read More
Posted Under: Income Tax |

Changes in Charitable Trust, NGO, Society or Institutions from 01.04.2021

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 1...

Read More
Posted Under: Income Tax |

Trusts – Be eligible to receive CSR

As per guidelines issued by MCA, From 1st April 2021, CSR Funding will be released only to that NGOs, Trusts, Religious Trusts, Societies, 12AA registered entities, 80 G granted entities, Section 8 Company that are registered with MCA by filing Form CSR-1.So, if such institutions willing to receive CSR Funding then it is mandatory for [&h...

Read More
Posted Under: Income Tax |

Charitable Trusts to Re-register to avail Tax Exemptions

Are you Charitable Trust/Institutions? Re-register now to continue to avail Tax Exemptions – New Forms notified In Pre-amendment era, the charitable trusts/Institution were enjoying the perpetual benefit of zero taxation on income earned out of property held by such trust/Institution. Interestingly, once the registration under secti...

Read More
Posted Under: Income Tax |

ITAT allows Tata Trust to surrender Section 12A Registration w.e.f. 20.03.2015

This write up summarizes the decision of the Mumbai ITAT in the matter of R.D Tata Trust (Assessee) wherein Tribunal held that cancellation of Registration granted to the assessee will have effect from the date on which the hearing of First show cause notice was concluded. Facts of the case The assessee trust was constituted […]...

Read More
Posted Under: Income Tax |

CBDT notifies New Income Tax Rules & Forms for Trust & NPOs

Notification No. 19/2021-Income Tax/G.S.R. 212(E). 26/03/2021

CBDT issues Notification no. 19/2021 dated 26/03/2021 pertaining to procedure for registration of fund/ trust/charitable institutions etc. All institutions, funds etc covered under clause (i) and (iv) of first proviso to section 10(23C), fifth proviso to section 35(1), clause (i) and (iv) of first proviso to section 80G(5) and sub-clause ...

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An Analysis of Proposed Amendments Relating to Charitable/Religious Trust, Institutions etc.

The Finance Bill, 2021 has proposed to make several amendments (w.e.f. 01 April, 2022 i.e., AY 2022-23) in the provisions, under the Income Tax Act (Act), relating to the taxation of Charitable/ Religious Trusts, Societies, Institutions etc. (Now referred as 'trusts etc.'). These amendments are proposed in Section 11 of the Act....

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Posted Under: Income Tax |

ITAT allows Depreciation to Trust- Section 11(6) amendment is prospective

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur)

ACIT Vs M/s. Mayo College General Council (ITAT Jodhpur) The deduction of depreciation for Rs.300.37 Lacs as claimed by the assessee was denied by Ld. AO on the reasoning that cost of fixed asset is an application of income and therefore further deduction of depreciation tantamount to double deduction. The Ld. CIT(A) allowed depreciation ...

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Formation of Charitable and Religious Trusts

In every country and every society there are people who wish to do something monetarily for the poor and needy people in various ways. For this purpose, instead of donation the amounts to the Government or semi Government organizations, they prefer to form Charitable Trusts or Organizations and do the charity through such trusts. When [&h...

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Posted Under: Income Tax |

Cash Transaction Restrictions on Charitable Trusts under Income Tax

A charitable or religious institution has substantial source of receipts in form of donations. Such donations may be corpus or voluntary. The Income Tax Law provides blanket exemption to corpus contributions (received for a particular purpose such as for construction of a building) whereas it requires application of voluntary contribution...

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Posted Under: Income Tax |

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