Trust - Page 4

Guidelines for Online Entries in Schedule I by Charitable Trusts

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....

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Posted Under: Income Tax |

Procedure for online submission of application U/s. 41C on Charity Organization website

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...

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Posted Under: Income Tax |

Procedure for Online Registration of Society in Maharashtra

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....

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Posted Under: Income Tax |

Aerial View Of “Regulatory Compliances Expected From Public Charitable Trusts”

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: ...

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Posted Under: Income Tax |

Depreciation on assets allowable to trust despite treatment of same as Income Application : SC

Commissioner of Income tax Vs Rajasthan and Gujarat Charitable Foundation Poona (Supreme Court of India)

Assessing Officer view in disallowing the depreciation which was claimed under Section 32 of the Act was that once the capital expenditure is treated as application of income for charitable purposes, the assessees had virtually enjoyed a 100 per cent write off of the cost of assets and, therefore, the grant of depreciation would amount to...

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Analysis of Provisions related to tax on Accreted Income of Certain Trusts and Institutions

There was no provision in the Income-tax Act which ensured that the corpus and asset base of the trust accreted over period of time, with promise of it being used for charitable purpose, continues to be utilized for charitable purposes and is not used for any other purpose....

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Posted Under: Income Tax |

Section 13(3) : ITAT upheld exemption to trust who received grant from ABN AMRO Foundation & RBS Bank India

ADIT (E)-II(1) Vs. M/s. RBS Foundation India (ITAT Mumbai)

ADIT Vs. M/s. RBS Foundation India (ITAT Mumbai) Assessee is a limited share registered company under section 25 of the Act and is a separate and independent legal entity wherein RBS Bank India or ABN AMRO Foundation, Netherlands are neither the shareholders nor the promoters of the assessee. The assessee company has been formed with [&he...

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5 amendments related to Charitable / religious trusts by FA 2017

Finance Act’2017 had made some major changes relating to Charitable and religious trusts. In this Article we have discussed five major amendments which are affecting Charitable and religious trusts....

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Posted Under: Income Tax |

Benefits of Registration u/s 12A of Income Tax Act, 1961

Section 2(15) defines Charitable Purpose and sections 11, 12, 12A, 12AA and 13 of the Income –tax Act, are the main sections that deal with scheme of taxation exemption in respect of income of charitable or religious trusts/institution....

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Posted Under: Income Tax |

Registration under FCRA cannot be denied to society on mere bald report on use of Foreign Contribution

DR R N Gupta Technical Education Society Vs Union of India (Delhi High Court)

The petitioner - a Society registered under the Societies Registration Act, 1860 - has filed the present petition impugning communications dated 01.08.2014 and 07.12.2015 (hereafter referred to as the impugned communications)...

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