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Various Types of Trusts and their Importance

Corporate Law : Trusts serve several functions and are a vital component of the Indian legal system. A legal arrangement known as a trust designat...

April 20, 2024 6045 Views 0 comment Print

Sale of Assets of A Public Charitable Trust Without Obtaining Court’s Direction

Corporate Law : Delve into the legal debate surrounding the sale of trust assets without court direction. Understand relevant laws and judicial p...

April 8, 2024 9438 Views 0 comment Print

Amendments Effective From 1st April, 2024 For Charitable Trusts

Income Tax : Understand the latest amendments impacting Charitable Trusts from April 1, 2024. Learn about amendments in Section 11 of the Incom...

April 6, 2024 18909 Views 2 comments Print

Eligibility and process of Registration of Charitable Trust in India

Income Tax : Learn the eligibility criteria and step-by-step process for registering a charitable trust in India. Discover the significance, ad...

March 18, 2024 1419 Views 0 comment Print

Assessment of Trusts for A.Y 2022-2023, A.Y 2023-2024 and A.Y 2024-2025

CA, CS, CMA : Comprehensively assess trusts for A.Y 2022-2023, A.Y 2023-2024 and A.Y 2024-2025 by discussing key provisions, changes, and implic...

February 16, 2024 29250 Views 1 comment Print

Latest News

Ambiguity of Trust provisions under Income Tax Act: CAAS Surat Raises Concerns

CA, CS, CMA : Explore the ambiguity of Trust provisions under the Income Tax Act highlighted by Chartered Accountants Association Surat (CAAS). ...

January 6, 2024 8994 Views 0 comment Print

Charity Commissioner Office Woes: BJP Mumbai Calls for Admin Reforms

Income Tax : Explore the detailed representation by BJP Professional Cell to Maharashtra's Dy CM, highlighting challenges faced by trusts and C...

December 29, 2023 4992 Views 0 comment Print

Request for Deferment of Applicability of New Form 10B & Form 10BB by One Year

Income Tax : Income Tax Bar Association & All Gujarat Federation of Tax Consultants request a one-year deferment for new Form 10B and Form 10BB...

September 18, 2023 1362 Views 0 comment Print

Form 10B/10BB Filing Issues 2023 & appeal for deferment or extension

Income Tax : Know the challenges in Form 10B/10BB filings in 2023 and Income Tax Bar Association in Jalandhar appeal for deferment or extension...

September 18, 2023 4761 Views 0 comment Print

BCAS asks for deferment of form 10B and 10BB

Income Tax : Bombay Chartered Accountants Society requests a one-year deferment of Form 10B/10BB, citing challenges faced by charitable trusts ...

September 11, 2023 21252 Views 1 comment Print

Latest Judiciary

Section 12AB Registration Rejection: ITAT allows filing of Form 10A

Income Tax : ITAT Chennai rules in favor of charities, allowing Form 10A for 12AB registration after initial rejection. Detailed analysis on th...

February 15, 2024 1818 Views 0 comment Print

ITAT Directs De Novo Adjudication for Denial of Section 11 Exemption

Income Tax : Explore SAE India vs ITO tax dispute (ITAT Chennai) over Section 11 exemption, GPU classification, mutuality principles. Key issue...

November 12, 2023 432 Views 0 comment Print

Section 11 Exemption denial over Punching Error: ITAT Orders Re-Adjudication

Income Tax : Explore case of Vasan Sheri Kelavani Samiti Trust vs. ITO, where Section 11 exemption was denied due to a punching error. ITAT ord...

October 26, 2023 447 Views 0 comment Print

Trust Registration under section 12AA cannot be denied for Surplus Profit

Income Tax : The J&K High Court ruled that trust registration under section 12AA cannot be denied solely for generating surplus profit. Read th...

July 26, 2023 1884 Views 0 comment Print

Charitable activity genuineness unproved: Section 12AB Registration rejected

Income Tax : Discover the intricacies of the ITAT Pune's recent decision in Vashi Parivaar Foundation Vs Commissioner of Income Tax(Exemptions)...

June 21, 2023 999 Views 0 comment Print

Latest Notifications

CBDT Clarifies Provisions for Charitable Donations & Application of Income

Income Tax : Explore Circular No. 3/2024 by the Government of India, Ministry of Finance. Learn how Finance Act 2023 affects tax exemptions for...

March 6, 2024 7782 Views 0 comment Print

CBDT allows Submission of Form 10B/10BB Audit Reports by March 31, 2024

Income Tax : Learn about CBDT's circular allowing trusts/institutions to submit Form 10B/10BB audit reports by March 31, 2024, to avoid denial ...

March 5, 2024 10446 Views 3 comments Print

Clarification with regard to trust audit reports issued by CBDT

Income Tax : Understand CBDT's recent clarifications on trust audit reports. Learn about substantial contributions, relatives, and concerns in...

October 9, 2023 6483 Views 0 comment Print

CBDT clarifies provisions relating to charitable and religious trusts

Income Tax : Circular No. 6 of 2023, issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India, provides clarificat...

May 24, 2023 15408 Views 1 comment Print

CBDT amends Audit Report Format of Trust (Form No. 10B) & Rule 16CC & 17B

Income Tax : CBDT amends Rule 16CC Form of report of audit prescribed under tenth proviso to section 10(23C), Rule 17B Audit report in the case...

February 21, 2023 37095 Views 2 comments Print

Budget 2020 | Exemption U/s. 11 & 10(23C) | Approval U/s. 80G

February 2, 2020 41184 Views 6 comments Print

Budget 2020: Exemption Under Section 11 AND Section 10(23C) And Approval Under Section 80G For Charitable / Religious Etc. Trusts, Institutions Etc. – An Analysis Of Proposed Amendments Introduction: The Finance Bill, 2020 has proposed to make substantial changes regarding provisions for granting exemptions to the charitable / religious trusts, institutions etc. U/s. 11 of […]

Transfer of Property Through Trust

January 22, 2020 161091 Views 7 comments Print

A trust is an arrangement by which the property of the author of the trust or settlor is transferred to another, the trustee, for the benefit of a third person, the beneficiary. In general terms, trusts fall into one of two categories, private trusts and public trusts. The India Trusts Act, 1882 (act) governs private […]

5 Important points related to Charitable / religious trusts

January 22, 2020 170967 Views 27 comments Print

Finance Act’2017 had made some major changes relating to Charitable and religious trusts. In this Article we have discussed five major amendments which are affecting Charitable and religious trusts.

Key Points for Registration of Trust / Society u/s 12AA of IT Act, 1961

January 19, 2020 20598 Views 1 comment Print

The following points have to be observed in connection with Registration of Eligible Entity under Section 12AA of the Income Tax Act, 1961: (01) The due reasonable opportunity of being heard properly has to be provided to the applicant as per Subsection (1) of Section 12AA of the Income Tax Act, 1961.

Registration of Charitable or Religious Trusts

January 7, 2020 23157 Views 1 comment Print

Learn about the new rules and application process for the registration of charitable or religious trusts. Stay updated with the latest amendments.

Benefits of Registration u/s 12A of Income Tax Act, 1961

January 4, 2020 239610 Views 19 comments Print

Section 2(15) defines Charitable Purpose and sections 11, 12, 12A, 12AA and 13 of the Income –tax Act, are the main sections that deal with scheme of taxation exemption in respect of income of charitable or religious trusts/institution.

Analysis of Provisions related to tax on Accreted Income of Certain Trusts and Institutions

January 3, 2020 29751 Views 4 comments Print

There was no provision in the Income-tax Act which ensured that the corpus and asset base of the trust accreted over period of time, with promise of it being used for charitable purpose, continues to be utilized for charitable purposes and is not used for any other purpose.

Rules to apply for registration of charitable or religious trusts

December 25, 2019 40956 Views 6 comments Print

As we all are aware that the existing Form No. 10A has been substituted vide CBDT Notification No.10/2018 dated 19/02/2018. Also, rule 17A has been substituted by the Income-tax (First Amendment) Rules, 2018, w.e.f. 19-2-2018. This article will contain the details regarding Form 10A, documents require for registration, e-filing of Form 10A and verification of Form […]

Tata’s Six Charitable Trusts’ Registration: Cancellation or Voluntary Surrender?

December 11, 2019 4602 Views 0 comment Print

The recent cancellation of the Tata’s Six Charitable Trusts’ Registration by the Office of the PCIT Mumbai on October 31, 2019 is one such disruption, which has definitely caused tremors and vibrations in the tax circles, and has caught the attention and limelight in all the national dailies and print media.

Types of trust and its taxation

October 6, 2019 60066 Views 1 comment Print

Types of trust and their tax treatments The plethora of litigation, complex, dynamic and ever changing tax provisions are best way to define trust though law maker also attempted to defined trust as “A trust is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by […]

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April 2024