Corporate Law : Trusts serve several functions and are a vital component of the Indian legal system. A legal arrangement known as a trust designat...
Corporate Law : Delve into the legal debate surrounding the sale of trust assets without court direction. Understand relevant laws and judicial p...
Income Tax : Understand the latest amendments impacting Charitable Trusts from April 1, 2024. Learn about amendments in Section 11 of the Incom...
Income Tax : Learn the eligibility criteria and step-by-step process for registering a charitable trust in India. Discover the significance, ad...
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...
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 : Bombay Chartered Accountants Society requests a one-year deferment of Form 10B/10BB, citing challenges faced by charitable trusts ...
Income Tax : ITAT Chennai rules in favor of charities, allowing Form 10A for 12AB registration after initial rejection. Detailed analysis on th...
Income Tax : Explore SAE India vs ITO tax dispute (ITAT Chennai) over Section 11 exemption, GPU classification, mutuality principles. Key issue...
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...
Income Tax : The J&K High Court ruled that trust registration under section 12AA cannot be denied solely for generating surplus profit. Read th...
Income Tax : Discover the intricacies of the ITAT Pune's recent decision in Vashi Parivaar Foundation Vs Commissioner of Income Tax(Exemptions)...
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...
Income Tax : Circular No. 6 of 2023, issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India, provides clarificat...
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...
1. CONCEPT OF CHARITABLE COMPANY/NGO’S: Charitable Company or Non Governmental Organization (NGO) is a group, organization, Non Profit establishment or non Profit association of individuals, activists, voluntary and social persons. Non Government Organization (NGO) is citizen based non–profit group works for social welfare and sustainable development. The main aim and objective of any NGO is […]
Registration u/s 12AA of the Income tax Act, 1961 is a significant compliance requirement as far as Charitable Trusts are concerned. While making application to the Income Tax Department for Registration u/s 12AA in Form 10A, along with many other particulars, documents, trust deed, activity reports, financial statements, declaration u/s 13(1), an undertaking that the […]
1. Meaning of different terms under Income Tax Act, 1961:- i. Trust : A trust is an obligation in relation to ownership of property & which is arising out of confidence reposed in and accepted by owner or declared and accepted by him, for the benefit of another, or of another and the owner. ii. […]
1. Trust Registration Overview: ♦ Public trust is most convenient way of starting a non-governmental organisation (NGO). ♦ Main objectives of trust are eradicating poverty, offering medical support, and promoting art, science and literature. ♦ Trusts are irrevocable i.e. they cannot be terminated without permission of court. 2. Trust Registration – Detailed Process: An initial […]
Private Trust A ‘trust’ is an obligation: annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another and the owner There are public & private trusts. Private Trust Private trust is a […]
Govt. introduces Additional Reporting by Auditors of Charitable Trusts under the Maharashtra Public Trusts Act, 1950 to check Income Tax Compliances/Evasion. The Law and Judiciary Department, Maharashtra State, vide Notification Dated 15/05/2019, has framed the Bombay Public Trusts (Second Amendment) Rules, 2019, to introduce additional reporting by the Auditors of the Trust in Form IX-D, as under:
These rules may be called the Bombay Public Trusts (Second Amendment) Rules, 2019. 2. In rule 1 of the Bombay Public Trusts Rules, 1951, in sub-rule (1) i.e., in the short title and throughout the principal Rules, for the words and figures Bombay Public Trusts Rules, 1951 the words Maharashtra Public Trust Rules shall be substituted.
New Amazing Shiksha Society Vs. ITO (Exemption (Ward) (ITAT Delhi) Exemption u/s 10(23)(iiiad) of the Income Tax Act, 1961 should not be denied to the assessee as selling of books and uniform to the students of assessee is part of educational activity only. Moreover, the impugned addition was made merely on the basis that surplus […]
ARE INCOME TAX AUTHORITIES REALLY CHARITABLE WHEN IT COMES TO CHARITABLE TRUSTS? CHARITABLE TRUSTS: INCOME TAX PERSPECTIVE ‘Charity begins at home but should not end there.’ –Francis Bacon The essence of the above quote has been fully captured in the definition of the expression “charitable purpose” as envisaged in the Income Tax Act, 1961. Under […]
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 […]
