Income Tax : The framework clarifies that exemption is contingent upon strict compliance with approval, filing, and income application rules. I...
Corporate Law : Comparative analysis of Company, Partnership Firm, and Trust in India covering tax rates, deductions, compliance, and suitability ...
Income Tax : NPOs must file Form 112 if income exceeds the exemption limit. Filing is essential to claim tax exemptions under the new law....
Income Tax : The case highlights conditions for claiming accumulation under section 342(1). Filing within the prescribed timeline is essential....
Income Tax : Failure to file Form 108 before the return due date results in loss of exemption benefits. The ruling emphasizes strict adherence ...
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...
1. Whether the Tribunal was right in negating the assessee’s claim for accumulation of unspent income? 2. Whether repayment of borrowed funds utilised for construction of commercial complex augmenting income of trust and amounts to application of income for charitable purpose eligible for exemption under section 11?
Rationalisation of definition of charitable purpose in the Income-tax Act The primary condition for grant of exemption to a trust or institution under section 11 of the Act is that the income derived from property held under trust should be applied for charitable purposes in India. ‘Charitable purpose’ is defined in section 2(15) of the […]
In the instant case, it is not disputed that the petitioner society is running an educational institution. Merely because there are other objects of the society does not mean that the educational institution is not existing solely for educational purpose.
Assessee is a charitable society and is registered under section 12A of the Act. The question of applicability of provisions of section 50C of the Act on transfer of capital asset in the case of a charitable society was examined by the Tribunal in the case of ACIT vs. Shri. Dwarikadhish Temple Trust, Kanpur in I.T.A. No. 256 & 257/LKW/2011, in which the Tribunal has held that where the entire sale consideration was invested in other capital asset, provisions of section 50C of the Act should not be invoked.
In the instant case, the assessee is a charitable trust registered u/s. 12AA of the Act. The assessee trust paid remuneration of Rs 4,80,000/- to Shri Anantbhai K. Shah who is a full time secretary and trustee of the assessee trust.
Circular No. 13/2014-Income Tax The SEBI (Alterative Investment Funds) Regulations, 2012 (‘AIF Regulations’) vide Regulation No.4 issued in May 2012 aims at regulating all forms of private pool of funds in India. The said Regulations divide the Alternative Investment Funds (‘AIFs’) into three broad categories – Category-I, Category-II and Category-III Alternative Investment Funds, depending upon the operational strategies, objectives and fund structure. A large number of AIFs registered with SEBI have been set up in the form of non-charitable trusts.
Anonymous donations under section 115BBC The existing provisions of section 115BBC of the Act provide for levy of tax at the rate of 30 per cent. in case of certain assessees, being university, hospital, charitable organisation, etc. on the amount of aggregate anonymous donations exceeding five per cent of the total donations received by the […]
CA Sandeep Kanoi CBDT has vide notification NOTIFICATION NO. 24/2014, Dated: April 1, 2014 amended the rule 12 of Income Tax Rules, 1962 and provided that notice under clause (a) of sub-section (2) of section 11 of the Act, shall be furnished electronically in form No. 10 w.e.f. Assessment year 2014-15 before expiry of time […]
The Income Tax authorities have looked into the affairs of the four cricket associations, namely Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association and have found that these cricket associations were engaged in certain activities which were considered commercial in nature in view of the amended provisions of Sec 2(15) of the Income Tax Act, 1961.
ITD granted registrations/approvals/notifications to the 799 Trusts without verifying necessary documents such as copy of the Trust Deed, proper clauses in the Trust Deed, audited accounts etc. ITD granted registrations/approvals/notifications to 73 Trusts having no PAN which is in contravention of the provisions of Act.
