Income Tax : The framework clarifies that exemption is contingent upon strict compliance with approval, filing, and income application rules. I...
Corporate Law : Comparative analysis of Company, Partnership Firm, and Trust in India covering tax rates, deductions, compliance, and suitability ...
Income Tax : NPOs must file Form 112 if income exceeds the exemption limit. Filing is essential to claim tax exemptions under the new law....
Income Tax : The case highlights conditions for claiming accumulation under section 342(1). Filing within the prescribed timeline is essential....
Income Tax : Failure to file Form 108 before the return due date results in loss of exemption benefits. The ruling emphasizes strict adherence ...
Income Tax : Learn about the rationalisation of provisions for charitable trusts and institutions under the Income-tax Act, merging two regimes...
CA, CS, CMA : Explore the ambiguity of Trust provisions under the Income Tax Act highlighted by Chartered Accountants Association Surat (CAAS). ...
Income Tax : Explore the detailed representation by BJP Professional Cell to Maharashtra's Dy CM, highlighting challenges faced by trusts and C...
Income Tax : Income Tax Bar Association & All Gujarat Federation of Tax Consultants request a one-year deferment for new Form 10B and Form 10BB...
Income Tax : Know the challenges in Form 10B/10BB filings in 2023 and Income Tax Bar Association in Jalandhar appeal for deferment or extension...
Income Tax : The Tribunal ruled that the six-month time limit from commencement of activities applies only to newly formed trusts. Long-standin...
Income Tax : Jewellers and Diamond Traders Association Vs CIT (Exemptions) (ITAT Chennai) The Jewellers and Diamond Traders Association (“the...
Income Tax : The ITAT Chennai rules that the surcharge on a private discretionary trust's dividend and capital gains income cannot exceed 15%, ...
Income Tax : An ITAT Pune order protects a charitable trust from being taxed on its gross receipts due to income tax return filing errors. Lear...
Income Tax : ITAT-Cuttack holds only net income, not gross receipts, of an unregistered educational trust is taxable, emphasizing consistency i...
Income Tax : New circular from Maharashtra Charity Commissioner allows public trusts to invest up to 50% of funds in diverse securities without...
Income Tax : CBDT extends deadline for trusts and institutions to submit audit reports in Form 10B/10BB until November 10, 2024....
Income Tax : Explore Circular No. 3/2024 by the Government of India, Ministry of Finance. Learn how Finance Act 2023 affects tax exemptions for...
Income Tax : Learn about CBDT's circular allowing trusts/institutions to submit Form 10B/10BB audit reports by March 31, 2024, to avoid denial ...
Income Tax : Understand CBDT's recent clarifications on trust audit reports. Learn about substantial contributions, relatives, and concerns in...
ITAT Mumbai held that conducting or participating in exhibitions within India or overseas for promotion of Gem and Jewellery Industry couldn’t be regarded as commercial activity for the purpose of proviso to section 2(15) of the Income Tax Act.
Budget 2023 introduces changes to audit rules for charitable trusts and institutions under Income Tax Act, with new forms 10B and 10BB effective from April 1, 2023. Audit requirements now hinge on gross receipts, foreign contributions, and overseas income applications.
ITAT Jodhpur held that it is settled legal position that registration cannot be cancelled from retrospective effect. Hence, cancellation of registration of charitable trust with retrospective effect is invalid.
CBDT amends Rule 16CC Form of report of audit prescribed under tenth proviso to section 10(23C), Rule 17B Audit report in the case of charitable or religious trusts, etc. and ‘FORM No. 10B – Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of […]
It is proposed that application out of corpus or a loan before April 1, 2021 shall not to be allowed as application for charitable or religious purposes even when such amount is put back into corpus or the loan is repaid. This is in order to avoid double tax deduction.
Stay up to date with the 2021 Budget Amendments pertaining to Trusts or Institutions to ensure compliance with Section 10(46) of the IT Act, 1961. Get the information here
A trust is a legal entity created under Indian law to hold and manage property for the benefit of one or more individuals. The trust can be formed for any purpose, including financial security for the beneficiaries.
Explore Budget 2023 amendments to Charitable Trust & Institutions provisions. Understand changes in corpus handling, loan repayments, and registration processes effective from April 1, 2023.
Learn about the implications of Amendments in Budget 2023 on Trusts, their functioning and formation. Trusts are neither encouraged nor trusted in the Budget 2023, but every budget.
Conditions are required to be satisfied in case of application for charitable or religious purposes to be satisfied while making application from corpus or loan or borrowing.
