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...
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.
Charitable trusts often invest with co-operative societies assuming compliance. The law permits deposits only with scheduled banks or licensed co-operative banks, risking loss of exemption otherwise.
NGO Darpan creates a central identity for trusts and NGOs. A valid Darpan ID is now essential for grants, CSR funding, and FCRA compliance.
The Tribunal ruled that the six-month time limit from commencement of activities applies only to newly formed trusts. Long-standing trusts cannot be denied approval solely on this ground.
The new Income Tax Act, 2025 renames charitable and religious entities as Registered Non-Profit Organisations and consolidates all rules into a single overriding chapter for clarity and compliance.
The law now mandates a single exemption pathway for charitable institutions, ending the flexibility of parallel regimes. The key takeaway is that once a regime is chosen, procedural compliance becomes binding and decisive.
Understand the taxability, registration, and exemption provisions for charitable and religious trusts under Sections 11–13, including rules for income accumulation, audit, and cancellation.
A summary of the tax framework governing charitable entities in India, covering the definition of ‘charitable purpose,’ mandatory registration under Section 12AB, audit requirements, taxation of accumulated and anonymous donations, and consequences including the cancellation of registration and levy of accreted income tax.
Jewellers and Diamond Traders Association Vs CIT (Exemptions) (ITAT Chennai) The Jewellers and Diamond Traders Association (“the Association”) filed an appeal before the Income Tax Appellate Tribunal (ITAT), Chennai, challenging the rejection of its application for registration as a charitable trust under Section 12AB of the Income Tax Act, 1961 (“the Act”). The application had […]
