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...
NPOs must file Form 112 if income exceeds the exemption limit. Filing is essential to claim tax exemptions under the new law.
The case highlights conditions for claiming accumulation under section 342(1). Filing within the prescribed timeline is essential. The takeaway is strict compliance with filing deadlines.
Failure to file Form 108 before the return due date results in loss of exemption benefits. The ruling emphasizes strict adherence to timelines. This highlights the importance of timely compliance for non-profits.
The issue concerns the process for granting or rejecting provisional registration or approval. The framework defines timelines, validity, and conditions. The key takeaway is structured compliance for registration under the new regime.
Form 105 streamlines registration and approval for non-profits under the new tax regime. It improves compliance and enables tax benefits for organisations and donors.
Courts held that prior exemption claims under Sections 11 and 12 cannot justify denial of 80G approval. The key takeaway is that both benefits legally coexist.
The new law outlines detailed rules for computing regular, residual, and specified income of registered NPOs. It also prescribes disallowances and a 30% tax on specified income.
Section 332 is amended to exclude certain Schedule VII funds from registration requirements. From AY 2026–27, these funds can claim tax exemption without registering as NPOs.
Section 349 is amended to permit belated return filing by NPOs through a reference to section 263(4). The change applies from AY 2026–27, restoring flexibility available under the earlier tax law.
The Income-tax portal now allows digital filing of condonation requests for delayed trust forms. The key takeaway is that while the process is streamlined, approvals still depend on strict legal and documentary compliance.
