Trust - Page 2

Formation of NGO in India

Charity means giving something to those in needs without expectation or wanting something back in return. It is doing something good to others without expectations. Charity is a selfless act. There are a lot of ways of doing charity. The people who are keen to do good for others need not necessarily have a good […]...

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Posted Under: Income Tax |

Taxation of Charitable and Religious Trusts

The trust is an obligation annexed to ownership and arising out of confidence reposed in and accepted by the owner for the benefit of another. The person who reposes the confidence is called the ‘author of the trust’; the person who accepts the confidence is called the ‘trustee’ and the person who is benefited is [...

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Posted Under: Income Tax |

Internal Audit Procedure of Registration Process of Charitable Trusts

F. No. 240/8/2015— A & PAC —11 (14/12/2018)

It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts / Institutions should be brought under the purview of internal audit....

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Charitable/Religious Trusts & Institutions – Simplified

Article discusses the concept of Charitable/Religious Trusts and various tax benefits which the govt. has provided them. 1. What is Charitable/Religious Trust? 2. How Charitable/Religious Trust being created?...

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Posted Under: Income Tax |

Charitable Purpose u/s. 2(15) of Income Tax Act ,1961

Courts have held that the expression ‘charitable purpose’ is sufficiently wide in scope to include a variety of activities. For instance, promotion of sports and games is a charitable purpose...

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Posted Under: Income Tax |

FAQs Related to Income Tax Provisions of charitable trust and NGOs

FREQUENTLY ASKED QUESTIONS (FAQs) Q.1 Are NGOs and other charitable and non-profit organizations entitled to claim tax exemption under income tax law in India? Are donors who contribute to such organizations also entitled to any tax deduction? Ans. Yes, such exemption is available to, (i) public charitable trusts or other legal obligatio...

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Posted Under: Income Tax |

Taxation of Private Trusts & Applicable Tax Rates

a. The shares falling to each of the beneficiaries are liable to be assessed, either in the hands of the trustee(s) as a representative assessee or directly in the hands of the beneficiary entitled to the income. Such assessment is made at the rate applicable to the total income of each beneficiary....

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Posted Under: Income Tax |

What’s better- Trust, Society or section 8 Company?

One can set up either a public charitable trust, a registered society, or a Section 8 Company (a trust corporation). Each has its own advantages and constraints. If a person wishes to set apart either property or money for a charitable purpose so that the income may be devoted in perpetuity for the fulfilment of the charitable activity,...

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Posted Under: Income Tax |

Taxation of Income of Unit Holders of Business Trust

The ‘Concept of Business Trust in India’ was introduced vide the Finance Act’2014. The business trusts operate as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). At present, there are only InvITs registered in India, the first REIT is yet to pave its way. Practically the concept was implemented i...

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Posted Under: Income Tax |

Transport facility by School is incidental to main object of education

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi)

Challenging the order dated 02.03.2015 in Appeal No 98/13-14/GZN/63 for the assessment year 2010-11 passed by the learned Commissioner of Income-tax (Appeals), Muzaffarnagar (for short hereinafter called as the learned CIT(A)), the assessee preferred this appeal....

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