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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...
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreIncome 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. ...
Read MoreIncome Tax - While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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 ...
Read MoreIncome 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. ...
Read MoreDeputy 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 MoreDCIT (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 MoreDivine 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....
Read MoreDelhi Bureau Of Text Books Vs Director of Income Tax (E) (Delhi High Court) - The textbooks are provided by the Assessee to the students at subsidised rates. Even the textbooks books, reading materials and school bags are being distributed free to deserving students. The essential activity of the Assessee is connected with 'education' and nothing else....
Read MoreMadhavi Raksha Sankalp Nirmal Niketan Vs The Dy. Director of Income Tax (ITAT Mumbai) - Assessee to prove that it is covered by exceptions to chargeability to tax as is provided by provisions of Section 1 15BBC of 1961 Act, namely that the assessee maintained a record of the identity indicating the name and address of the person making such contribution and such other particulars as ma...
Read MoreNotification 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....
Read MoreCircular 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...
Read MoreNOTIFICATION 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,...
Read MoreCircular 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...
Read MorePRESS NOTE - (09/01/2014) - 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 ...
Read MoreDeputy Commissioner of Income-tax (E) Vs M/s. Peoples Education Society (ITAT Bangalore) -
DCIT (Exemptions) Vs M/s Tamil Nadu Cricket Association, (ITAT Chennai) -
Divine Educational Institute and Social Development Society Vs. ITO (ITAT Delhi) -
Delhi Bureau Of Text Books Vs Director of Income Tax (E) (Delhi High Court) -
Madhavi Raksha Sankalp Nirmal Niketan Vs The Dy. Director of Income Tax (ITAT Mumbai) -
Vignana Jyothi Vs Director of Income Tax (ITAT Hyderabad) -
