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...
Where the total income of any trust or institution under the second regime, as computed under this Act without giving effect to the provisions of section 11 and section 12 of the Act, exceeds the maximum amount which is not chargeable to income-tax in any previous year, it is required to get its accounts audited. Similar provision exists for the trusts or institutions under the first regime in the tenth proviso to clause (23C) of section 10 of the Act.
—”The term ‘charity’ connotes altruism in both thinking and deed. It entails thinking about others rather than oneself.” In the matter of Andhra Chamber of Commerce [1965] 55 ITR 722 (SC), the Supreme Court ruled that. INTRODUCTION It is vital to understand the concept of Charitable Purpose. Section 2(15) of the Income Tax Act 19611, […]
A Trust is not defined in the Income Tax Act but they are relatable in the law sphere as an argument that hands over a property to or is vested in a person, to use or dispose it off for the benefit of another person. As per section 3 of the Indian Trust Act, 1882, […]
Tax Audit check list for Trust is divided in 11 parts which includes General instructions, Foreign Contribution A/C, DONATIONS, Opening Balance in Various Ledgers, Check list of Vouching bills, Debit Note, Credit Notes and documents, Cash Book/Bank Book, Journal Vouchers Vouching, Salaries/Wages/Honorarium, Ledger Posting & Scrutiny, Tax Matters and Checklist related to other records maintained […]
As we all know, in India, lakhs of NGO’s are registered to do social welfare activities. An NGO can be registered in the form of Trust, Society and Section 8 Company with Ministry of Corporate Affairs. Each year thousands of new NGO’s are registered but due to unawareness of activities/ proceedings to be done after […]
The Finance Act, 2020 made overhaul in provisions relating to registration of charitable and religious institution with the Income tax Department. There was complete change in registration process. It is through means of technology. It is one database on pan India basis. The registration once granted shall expire after certain period. Re-registration is necessary to […]
CIT Vs Angels Educational Trust (Madras High Court) With regard to the observation of the appellant that only two of the Trustees were authorized to administer the Trust, the same was held to be not a reason to reject the case of the assessee-Trust and it is common that the day-to-day activities of a Trust […]
A trust is a relationship in which a person or entity is bound by a fiduciary relationship to exercise that legal rights over the trust property for the benefits of any one or more individuals known as beneficiaries. The trust shall be governed by a set of written terms and conditions known as trust deed. […]
Learn all about trust creation, trust deed, and registration as per the Indian Trust Act 1882. Understand the types of trusts in India and how they are governed by the Indian Trusts Act.
Cancellation of registration of a Trust or Institution under section 12AA/AB of Income-tax Act 1961 – latest Supreme Court decision and legal ramifications Registration of trust or institution Income of a Trust created wholly for charitable or religious purposes or an institution established wholly for such purposes is exempt from income tax if granted registration […]
