Trust

Trusts in India: Still Remain Unexplored

Income Tax - Trust is defined in section 3 of the Indian Trust Act, 1882 as an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner. Simply said, it is a transfer of property by one person (settlor) t...

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Amended Rules for making Application for registration of charitable or religious trusts, etc

Income Tax - I have authored blog on the Concept of NGO and Step by Step Procedure for Registration u/s 12A.The existing Form No. 10A has been substituted vide CBDT Notification No.10/2018 dated 19/02/2018. Rule 17A has been substituted by the Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. The amended rules provide for application for re...

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Annual income below Rs. 5000: Guidelines for Online Submission of Trust’s Accounts

Income Tax - Now we will understand the procedure for online submission of Trust's Accounts whose annual income is below Rs.5000/-...

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Guidelines for Online Submission of A/cs of Trusts whose annual income is above Rs. 5000

Income Tax - Now we will understand the procedure for online submission of Trust's Accounts whose annual income is Above Rs. 5000/-...

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Procedure for online registration of Trust in Maharashtra

Income Tax - In this article we will understand the procedure for online registration of Trust under Maharashtra Public Trusts Act, 1950 on charity organization website www.charity.maharashtra.gov.in....

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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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Registration U/s. 12AA cannot be cancelled merely because collection exceeds threshold limit provided u/s 2(15)

Telangana State Seed Certification Agency Vs. Commissioner of Income Tax (Exemptions) (ITAT Hyderabad) - CBDT has also clarified that in view of this position, it shall not be mandatory, for the registration granted u/s 12AA of the Act to a charitable institution, to be cancelled 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 ...

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Medical college collection Huge Capitation Fee as Anonymous Donations – HC disallows Tax exemption

M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) - M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) The petitioner – Trust in question having the cloak of an Educational Trust, to enjoy the exemption from Income Tax obtained the approval under Section 10(23-C) of the Act, was thoroughly misused and abused by the...

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Depreciation on assets allowable to trust despite treatment of same as Income Application : SC

Commissioner of Income tax Vs Rajasthan and Gujarat Charitable Foundation Poona (Supreme Court of India) - Assessing Officer view in disallowing the depreciation which was claimed under Section 32 of the Act was that once the capital expenditure is treated as application of income for charitable purposes, the assessees had virtually enjoyed a 100 per cent write off of the cost of assets and, therefore, t...

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Section 13(3) : ITAT upheld exemption to trust who received grant from ABN AMRO Foundation & RBS Bank India

ADIT (E)-II(1) Vs. M/s. RBS Foundation India (ITAT Mumbai) - ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The as...

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Registration under FCRA cannot be denied to society on mere bald report on use of Foreign Contribution

DR R N Gupta Technical Education Society Vs Union of India (Delhi High Court) - The petitioner - a Society registered under the Societies Registration Act, 1860 - has filed the present petition impugning communications dated 01.08.2014 and 07.12.2015 (hereafter referred to as the impugned communications)...

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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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Recent Posts in "Trust"

Registration U/s. 12AA cannot be cancelled merely because collection exceeds threshold limit provided u/s 2(15)

Telangana State Seed Certification Agency Vs. Commissioner of Income Tax (Exemptions) (ITAT Hyderabad)

CBDT has also clarified that in view of this position, it shall not be mandatory, for the registration granted u/s 12AA of the Act to a charitable institution, to be cancelled 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 na...

Read More

Trusts in India: Still Remain Unexplored

Trust is defined in section 3 of the Indian Trust Act, 1882 as an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner. Simply said, it is a transfer of property by one person (settlor) t...

Read More
Posted Under: Income Tax |

Amended Rules for making Application for registration of charitable or religious trusts, etc

I have authored blog on the Concept of NGO and Step by Step Procedure for Registration u/s 12A.The existing Form No. 10A has been substituted vide CBDT Notification No.10/2018 dated 19/02/2018. Rule 17A has been substituted by the Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. The amended rules provide for application for re...

Read More
Posted Under: Income Tax |

Medical college collection Huge Capitation Fee as Anonymous Donations – HC disallows Tax exemption

M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court)

M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) The petitioner – Trust in question having the cloak of an Educational Trust, to enjoy the exemption from Income Tax obtained the approval under Section 10(23-C) of the Act, was thoroughly misused and abused by the Trustees who appear to be Members of [&...

Read More

Annual income below Rs. 5000: Guidelines for Online Submission of Trust’s Accounts

Now we will understand the procedure for online submission of Trust's Accounts whose annual income is below Rs.5000/-...

Read More
Posted Under: Income Tax |

Guidelines for Online Submission of A/cs of Trusts whose annual income is above Rs. 5000

Now we will understand the procedure for online submission of Trust's Accounts whose annual income is Above Rs. 5000/-...

Read More
Posted Under: Income Tax |

Procedure for online registration of Trust in Maharashtra

In this article we will understand the procedure for online registration of Trust under Maharashtra Public Trusts Act, 1950 on charity organization website www.charity.maharashtra.gov.in....

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Posted Under: Income Tax |

Guidelines for Online Entries in Schedule I by Charitable Trusts

Now we will understand the procedure for making online entries in Schedule I on the website of Maharashtra Charity Organization website namely www.charity.maharashtra.gov.in....

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Posted Under: Income Tax |

Procedure for online submission of application U/s. 41C on Charity Organization website

While submitting the application for Event 41 C, your Mandal's name shall not be identical with the name of any Country or any State or resembled with any body constituted by the Government or any local authority or which is prohibited under Emblems and Names (Prevention of Improper Use) Act, 1950...

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Posted Under: Income Tax |

Procedure for Online Registration of Society in Maharashtra

Now we will understand the procedure for online registration of Society under the Society Registration Act, 1860 on charity organization website charity.maharashtra.gov.in....

Read More
Posted Under: Income Tax |
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