Trust - Page 7

Indian Trusts (Amendment) Act, 2016 applicable from 17/04/2017

Notification No. S.O. 1184(E) (17/04/2017)

Central Government hereby appoints 17th day of April, 2017 as date on which provisions of Indian Trusts (Amendment) Act, 2016 (34 of 2016 shall come into force....

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Scholarship paid for pursuing studies abroad is Charitable Expense

Seth Anandram Jaipuria Edu. Society Cantonment Vs CIT (Allahabad High Court)

Payment of Scholarship by Charitable Trust for pursuing Engineering course from University of California, Los Angeles, USA in accordance with its objects is ‘Charitable Expenditure...

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Proposed Important Amendments for Charitable Trust by Finance Bill 2017

While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust...

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Charity Commissioner, Maharashtra State Special Drive 2017

Charity Commissioner, Maharashtra State Special Drive 2017- For Filing of Audited Accounts and Change Reports under Bombay Public Trusts Act, 1950...

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Posted Under: Corporate Law |

Pre-School falls in the term 'education' as envisaged u/s 2(15)

Green Acres Educational Trust Vs. DCIT (ITAT Mumbai)

The education has got different meaning, purpose or object for each person depending upon its position and background. We have education of various types e.g. Pre-schooling, schooling, higher education, professional education, vocational training, professions training etc etc....

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Recent case laws applicable to NGOs / Charitable Trusts

[2015] 55 taxmann.com 255 (SC) SUPREME COURT OF INDIA Queen’s Educational Society v. Commissioner of Income-tax *In favour of assessee Where a surplus was made by educational institution which was ploughed back for educational purposes, said institution was to be held to be existed solely for educational purpose and not for purpose ...

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Posted Under: Corporate Law |

No mandatory Trust registration cancellation u/s 12AA for Turnover

Circular No. 21/2016-Income TAx (27/05/2016)

It is clarified that it shall not be mandatory to cancel the registration already granted u/s 12AA to a charitable institution merely on the ground that the cut-off specified in the proviso to section 2(15) of the Act is exceeded in a particular year without there being any change in the nature of activities of the institution...

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Congress not eligible to claim exemption u/s 13A

Commissioner Of Income Tax Vs Indian National Congress (I)/All India Congress Committee (Delhi High Court)

Delhi HC helkd that, All India Congress Committee (AICC) and Indian National Congres (INC) Delhi are not eligible to claim exemption u/s 13A of Income Tax Act for AY 1994-95 & 1995-96. The Court further holds that voluntary contributions received by political parties cannot be equated with corpus donation or capital receipts....

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Denial of exemption U/s. 11 to the total income of a trust, in view of violation of section 13(1)(c) / 13(1)(d), is not legally tenable

Section 11 of the Income-Tax Act, 1961 (the Act) excludes from the income of charitable or religious trusts, income to the extent it is applied towards the objects of such trusts, during the previous year in India. It may be stated here that there are several conditions laid down under section 11 of the Act, for the purpose of claiming ex...

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Posted Under: Corporate Law |

Educational and Medical Institutions – Heed the wake-up call!

The Finance (No.2) Act 1998 has made far-reaching changes in the provisions of Income-Tax Act 1961 relating to the taxation of educational and medical institutions. The reasons for the same, as stated in the Finance (No.2) Bill 1998, are as follows:...

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Posted Under: Corporate Law |

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