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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 6618 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 10023 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 20115 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 2046 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 30018 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 9060 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 5064 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 1368 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 4836 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 21330 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 2118 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 447 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 474 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 1953 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 1035 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 8337 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 10800 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 6549 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 15699 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 37389 Views 2 comments Print

Comparative Analysis of Sec 12AA/12AB/10(23C) Registered Trust /Institution

April 25, 2023 7815 Views 7 comments Print

Explore a comprehensive comparative analysis of Sec 12AA/12AB and Sec 10(23C) registered trusts, institutions, and funds. Understand filing, conditions, exemptions, and violations under Income Tax laws. Stay informed for tax audit requirements.

Taxation of Charitable Trusts becomes more Complicated after Budget 2023

April 15, 2023 10662 Views 1 comment Print

Understand the complexities in the taxation of Charitable Trusts post-Budget 2023. Navigate through changes in registration, donations, fund applications, and time limits. Stay compliant for tax-exempt status.

Taxation of Trust

April 12, 2023 74859 Views 0 comment Print

Understand the taxation of trusts in India, covering registered and unregistered trusts. Learn about relevant sections, exemptions, and tax implications for trusts and associations of persons (AOPs).

Taxability of Business Trusts (REIT / InvIT) in India (Amended as per Budget 2023)

April 3, 2023 45627 Views 2 comments Print

Explore the taxability of Business Trusts (REIT/InvIT) in India, amended as per Budget 2023. Understand the structure, flows of income, taxation at different levels, and implications for sponsors, SPVs, business trusts, and investors.

Possibility suggestion to convert charitable Trusts  into Section 8 Company

March 14, 2023 15567 Views 1 comment Print

As per requirements of AICTE and CBEC all institutions affiliated with them for providing education should not be for profit making. In order to meet the requirement as stated by above authorities, the educational institutions had to start their activities and operations under Charitable Trust / Registered Society.

Fine, Lab Fee, Founder Day/Photograph Charges are Incidental income to Running of Educational Institution

March 12, 2023 1092 Views 0 comment Print

Pushp Niketan School Samiti Vs ITO (ITAT Delhi) It is seen that the assessee has filed written submission wherein it is stated that same amount shown as other income in the P&L Account including interest of FDR and saving accounts of Rs.83,008/- and other charges i.e. income of fine, Lab fee, Founder day charges, photograph […]

Corpus specific voluntary donations not taxable in case of unregistered trust

March 11, 2023 2163 Views 0 comment Print

When donations forming corpus of assessee’s trust received with specific purpose are capital in nature. ITAT held that corpus specific voluntary donations are not taxable in case of unregistered trust

Certain harsh proposals of Finance Bill, 2023 Pertaining to Charitable and Religious Institutions and Trusts

March 11, 2023 5793 Views 0 comment Print

Learn about the harsh proposals of Finance Bill-2023 for Charitable & Religious Institutions & Trusts. Understand the impact & practical challenges.

Representation against tax due to Non submission of application for renewal of registration by charitable trusts

March 8, 2023 7584 Views 0 comment Print

Non submission of application for renewal of registration by charitable organizations liable for tax at maximum marginal rate (MMR) under section 115TD of Income Tax Act, 1961 – A cause of concern for unintentional lapse.

Applicability of proviso to section 2(15) should be based only on facts & circumstances of each case

March 6, 2023 858 Views 0 comment Print

ITAT Bangalore held that applicability of the proviso to 2(15) of the Act cannot be on the basis of the default of the parties in not participating in the proceedings but should be on the basis of facts and circumstances of each case. Accordingly, matter remanded for fresh consideration.

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May 2024