Income Tax : The Income Tax Department has issued detailed FAQs explaining registration, audit, return filing, investment norms, and tax exempt...
Income Tax : The case demonstrates how an incorrect exemption claim based on Form 16 led to scrutiny and penalty proceedings. The Tribunal ulti...
Income Tax : This analysis explains how Parliament designed Sections 11 to 13 to ensure that tax-free income is ultimately used for charitable ...
Income Tax : Sections 334 to 338 prescribe a separate taxation framework for registered NPOs. Specified income arising from violations such as ...
Income Tax : This analysis explains how charitable and religious trusts qualify for exemption under Sections 11 to 13 of the Income-tax Act. It...
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...
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.
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, and wants to limit control over the disposal of that income to persons whom he knows and trusts, then it is best to set up a public charitable trust. A public charitable trust can be set up under the Bombay Public Charitable Trusts Act 1950 in Maharashtra or Gujarat. Elsewhere in the country it can be set up under the general law, i.e., by registration of the trust deed with the registrar. But a private trust whose beneficiaries generally are relatives or friends and not society at large does not enjoy tax benefits.
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 in the Financial Year […]
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.
Charitable Trust is meant for public service and not for profit. Hence the Honorable Government has given exemptions in the form section 11 and 12. It will bring lot of tax benefits to the trusts and it can utilize the funds for its objectives. From the assessment year 2018-19 onwards, filing of return is to be done within the due date to claim the benefit section 11 and 12.
As per the provisions of Income Tax Act, the exemption of income under sections 10 and 11 is governed by certain statutory conditions and procedures. In order to assist you in complying with these conditions and procedures, your attention is drawn to the following with a request to keep them in mind while filing Income tax return in ITR-7.
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/-
