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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 6051 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 9444 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 18912 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 1428 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 1890 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 7791 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 15411 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

No Exemption to charitable organization in case commercial receipts exceed the specified threshold

March 17, 2012 4055 Views 0 comment Print

In case where the activity of any trust or institution is of the nature of advancement of any other object of general public utility, and it involves carrying on of any activity in the nature of trade, commerce or business; but the aggregate value of receipts from the commercial activities does not exceed Rs. 25,00,000/- in the previous year, then the purpose of such institution shall be considered as charitable, and accordingly, the benefits of exemption shall be available to it.

Budget 2011-12 – Exemption of specified income of notified body or authority or trust or board or commission

February 28, 2011 705 Views 0 comment Print

It is proposed to insert a new clause in section 10 of the Income-tax Act to provide exemption from income-tax to any specified income of a body, authority, board, trust or commission which is set up or constituted by a Central, State or Provincial Act or constituted by the Central Government or a State Government with the object of regulating or administering an activity for the benefit of the general public, provided

Interpretation of the words "manufacture or production" for the purpose of deduction U/s. 10B

May 27, 2009 927 Views 0 comment Print

In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpose of section 80HHE of the Act. We are also in agreement with the uncontroverted submission of the Id. AR on behalf of the taxpayer that the taxpayer did not claim any deduction in AY 1996-97 and for the first time claimed deduction u/s 10B in AY 19987-98 and this being the 5th year, claim has to allowed.

Concessional ticket to travel Agents cannot be termed as commission

May 17, 2009 1312 Views 0 comment Print

12. In order to come to a definite conclusion whether section 194H of the Act would be applicable to the assessee-airline in respect of transaction, in issue, we propose to first look at the scope and ambit of section 194H of the Act and then analyse the transaction as to whether it falls within the purview of the said Section. In this context, it would be necessary to extract the relevant portions of Section 194H of the Act.

ICAI Disciplinary Committee decision in breach of natural justice is invalid

May 13, 2009 978 Views 0 comment Print

In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged professional and other misconduct in conducting the statutory audit of Global Trust Bank. The proceedings were based on the findings in the Special Audit report and the Annual Financial Inspection of the RBI. Though several hearings were conducted by the Disciplinary Committee,

Prerequisite of section 12AA of IT Act for rejection of registration of a trust

May 10, 2009 4536 Views 0 comment Print

7. Under section 12AA1(a) of the Act, the CIT is empowered to call for information to satisfy himself about the genuineness of activities of trust /institution. The Commissioner may make such enquiries as he thinks fit for the purpose. Under section 12AA1(b) of the Act, after having satisfied about the objects of Trust/institution and genuineness of its activities,

Provision for a liability allowable if it can be estimated & if there is reasonable certainty

March 22, 2009 357 Views 0 comment Print

5. Having heard the learned counsel for the Revenue as well as the assessee, we are of the view that no fault can be found with the reasoning of both the CIT(A) as well as the Tribunal. In our view, the issue raised by the Revenue before us that the liability under the “long service award” scheme of the assessee is contingent as the payment under the same scheme is dependent on the discretion of the management

Levy of service tax on educational institutions- regarding

January 31, 2009 6112 Views 0 comment Print

Circular No. 107/01/2009 – ST   New Delhi, dated 28th January 2009 F.No137/23/2007- CX.4 Government of India , Ministry of Finance , Department of Revenue , Central Board of Excise and Customs Subject: Levy of service tax on educational institutions- regarding Various educational institutions impart training and conduct courses in different fields. Many of these institutions […]

Allowability of exemption under section 11(1)(a) of IT Act claimed by a society having both charitable as well as religious objectives

January 18, 2009 14381 Views 0 comment Print

When the legislature has categorically defined the purposes like religious and charitable and if the assessee-society is engaged as per their objects in mixed activities, which are partly charitable and partly religious, it cannot be said that section 11(1)(a) does not contemplate such situation.

Cash Credit & Addition under Section 68 of Income Tax Act

January 16, 2009 1088 Views 0 comment Print

If there is cash credit, creditworthiness of the creditor, genuineness of the entry, identity of the creditor, the source of money, etc. is required to be considered under section 68 of Income-tax Act.

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