Trust - Page 10

Budget 2014- Taxability of Anonymous donations under section 115BBC

Anonymous donations under section 115BBC The existing provisions of section 115BBC of the Act provide for levy of tax at the rate of 30 per cent. in case of certain assessees, being university, hospital, charitable organisation, etc. on the amount of aggregate anonymous donations exceeding five per cent of the total donations received by ...

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Posted Under: Income Tax |

Trusts to give notice for accumulation of Income (From 10) electronically from A.Y. 2014-15

CA Sandeep Kanoi CBDT has vide notification NOTIFICATION NO. 24/2014, Dated: April 1, 2014 amended the rule 12 of Income Tax Rules, 1962 and provided that notice under clause (a) of sub-section (2) of section 11 of the Act, shall be furnished  electronically in form No. 10 w.e.f. Assessment year 2014-15 before expiry of time […]...

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Posted Under: Income Tax | ,

INDIAN TRUSTS-Sec-2(15) –Is it really a boon for Public Charitable Trusts?

The Charitable institutions play important supplementary role, apart from Govt of India/States social welfare depts., in uplifting the poor from poor economic conditions to and try to shield them from starvation. ...

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Posted Under: Income Tax |

CBDT withdraws tax-exemption of four cricket associations

PRESS 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 which were considered commercial in natu...

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

Imparting of yoga training by Baba Ramdev Trust is charitable educational object

Divya Yog Mandir Trust Vs. JCIT (ITAT Delhi)

Imparting of yoga training through well structured yoga shivirs/ camps also falls under the category of imparting education, one of the charitable objects defined under section 2(15) of the Act. ...

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Selling some product at a profit ipso facto hit proviso to section 2(15)

Sabarmati Ashram Gaushala Trust Vs ADIT (Exemption) (ITAT Ahmedabad)

The objective of the proviso to section 2(15) is to deny exemption to such assessee who are engaged in business activities in the garb of charitable purpose. Mere selling some product at a profit will not ipso facto hit the assessee by applying the proviso to section 2(15) and deny the exemption available u/s 11. ...

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Section 10(23C) cannot be interpreted regressively to deny exemptions

Tolani Education Society Vs Deputy Director of Income-tax (Exemptions) - I(2), Mumbai (Bombay High Court)

In the present case, the sole and dominant nature of the activity is education and the Petitioner exists solely for the purposes of imparting education. An incidental surplus which is generated, and which has resulted in additions to the fixed assets is utilized as the balance-sheet would indicate towards upgrading the facilities of the c...

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Anonymous donations not to be taxed in case of wholly religious trusts

Shri Girraj Educational and Welfare Society Vs Income-tax Officer 3(4) (ITAT Agra)

With a view to prevent channelisation of unaccounted money to these institutions by way of anonymous donations, a new section 115BBC has been inserted to provide that any income of a wholly charitable trust or institution by way of any anonymous donation shall be included in its total income and taxed at the rate of 30 per cent. ...

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Trust not entitled to exemption if carrying only incidental objects which are not charitable

M. Visvesvaraya Industrial Research & Development Centre Vs Commissioner of Income-tax (Bombay High Court)

An assessee that engages itself only or predominantly in activities relating to its ancillary or incidental objects which do not relate to any charitable purpose and does not carry on any activity relating to its main object which pertains to a charitable purpose is not entitled to an exemption under Section 11. A view to the contrary wou...

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