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Income Tax : Learn about CBDT's circular allowing trusts/institutions to submit Form 10B/10BB audit reports by March 31, 2024, to avoid denial ...
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CBEC has come out with an excellent flyer on the subject GST on Charitable and Religious Trusts clearly enunciating the provisions of the GST Act and exemption notifications and highlighting the fact that NOT all services provided by such entities are exempt from GST. The last para of the Flyer is given below.
Trust is defined in section 3 of the Indian Trust Act, 1882 as 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. Simply said, it is a transfer of property by one person (settlor) to another (trustee) who manages that property for the benefit of someone else (beneficiary).
Now we will understand the procedure for online submission of Trust’s Accounts whose annual income is below Rs.5000/-
Now we will understand the procedure for online submission of Trust’s Accounts whose annual income is Above Rs. 5000/-
In this article we will understand the procedure for online registration of Trust under Maharashtra Public Trusts Act, 1950 on charity organization website www.charity.maharashtra.gov.in.
Now we will understand the procedure for making online entries in Schedule I on the website of Maharashtra Charity Organization website namely www.charity.maharashtra.gov.in.
While submitting the application for Event 41 C, your Mandal’s name shall not be identical with the name of any Country or any State or resembled with any body constituted by the Government or any local authority or which is prohibited under Emblems and Names (Prevention of Improper Use) Act, 1950
Now we will understand the procedure for online registration of Society under the Society Registration Act, 1860 on charity organization website charity.maharashtra.gov.in.
Large number of Trustees of Charitable Trusts who are engrossed in philanthropic work are unwary to compliances imposed by relevant statutes. Enlisted below are few such points which could enable stakeholders to understand applicable statute and ensure its compliance:
M/s Navodaya Education Trust Vs Sri. Sunki Rajender Reddy (Karnataka High Court) The petitioner – Trust in question having the cloak of an Educational Trust, to enjoy the exemption from Income Tax obtained the approval under Section 10(23-C) of the Act, was thoroughly misused and abused by the Trustees who appear to be Members of […]
