Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : Sections 334 to 338 prescribe a separate taxation framework for registered NPOs. Specified income arising from violations such as ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
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...
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 […]
Exemptions to Charitable Trust under Income Tax Act, 1961 Income of a charitable and religious trust is exempt from tax subject to certain conditions. The exemptions are provided to the trusts under various provisions, inter-alia, Section 10, Section 11, etc. Some of the exemptions allowed to a trust are as under: Section 11 provides exemption […]
1. What are the implications of tax under the IT Act for gift received by the Trust, being movable or immovable property or money, from relatives? 2. What are the implications of tax under the IT Act for gift received by the Trust, being movable or immovable property or money, from persons other than relatives?
SECTION 8 COMPANY FORMATION- Non-Profit Organization Section 8 Company is Company formed with the objective of promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object. It is established majorly for charitable or not-for-profit purposes. Features Section 8 Company does not require a prescribed minimum […]
Mumbai BJP Professional Cell has written a letter to Shri Amit Shah Ji and requested to lookint0 Drastic changes made in FCRA and related rules relating to Charitable and Religious Trusts (Trusts/NGOs) are not proper and causing undue hardship to NGOs. Mumbai BJP Professional Cell Dated- 29th May, 2021 To, Shri Amit Shah Ji, Honorable […]
