Trust - Page 12

Provision for a liability allowable if it can be estimated & if there is reasonable certainty

CIT Vs Insilco Limited (Delhi High Court)

5. Having heard the learned counsel for the Revenue as well as the assessee, we are of the view that no fault can be found with the reasoning of both the CIT(A) as well as the Tribunal. In our view, the issue raised by the Revenue before us that the liability under the "long service award" scheme of the assessee is contingent as the payme...

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Levy of service tax on educational institutions- regarding

Circular No. 107/01/2009 – ST (28/01/2009)

Circular No. 107/01/2009 – ST   New Delhi, dated 28th January 2009 F.No137/23/2007- CX.4 Government of India , Ministry of Finance , Department of Revenue , Central Board of Excise and Customs Subject: Levy of service tax on educational institutions- regarding Various educational institutions impart training and conduct courses in dif...

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Allowability of exemption under section 11(1)(a) of IT Act claimed by a society having both charitable as well as religious objectives

Calicut Islamic Cultural Society Vs. ACIT (ITAT Cochin)

When the legislature has categorically defined the purposes like religious and charitable and if the assessee-society is engaged as per their objects in mixed activities, which are partly charitable and partly religious, it cannot be said that section 11(1)(a) does not contemplate such situation....

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Cash Credit & Addition under Section 68 of Income Tax Act

If there is cash credit, creditworthiness of the creditor, genuineness of the entry, identity of the creditor, the source of money, etc. is required to be considered under section 68 of Income-tax Act....

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Posted Under: Income Tax |

Amendment In Definition Of `Charitable Purpose'

A number of trusts, societies and other organization avail exemption under Section 11 or Section 10(23C) by virtue of having income derived from property held under trust wholly for charitable or religious purposes, to the extent of the application of such income. Background of amendment Section 2(15) of the Act defines the term ‘Ch...

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Posted Under: Income Tax |

Taxability Of Income From Trusts Under Section 166 of the Income Tax Act, 1961

H.H. Maharaja v. ACIT - September 12, 2008 - Section 166 can be invoked only when the income is received by the assessee; unless and until the trustees exercise the discretion and distribute the income in favour of any of the beneficiaries, i.e. the assessee, such income cannot be said to be received by the assessee; merely on the basis o...

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Posted Under: Income Tax |

Department Issuing Notice to Charitable Trust If They Collecting Any Fess, Cess Or Other Consideration For Services Rendered

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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Posted Under: Income Tax |

Amendment to Section 20 of The Indian Trusts Act, 1882

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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Posted Under: Income Tax |

Exemptions versus deductions

A provision does not become an exemption provision merely because the marginal notes to the section or the heading of the section call it so.Tax law contains chapters dealing with incomes which do not form part of total income. There are chapters dealing with deductions and allowances. Chapter III refers to various incomes which are exemp...

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Posted Under: Income Tax |

FAQs by NGOS, Queries related to Income Tax Act, 1961

Q1 : Whether the Income-tax Act, 1961 is applicable to all the Voluntary Organisations who are engaged in socio-economic development programmes in India ? Please clarify. Ans : The Income Tax Act, 1961, is applicable to Voluntary Organisations which are engaged in public charitable or religious activity. Hence, Voluntary Organisations whi...

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Posted Under: Income Tax |

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