Corporate Law : Delve into the legal debate surrounding the sale of trust assets without court direction. Understand relevant laws and judicial p...
Income Tax : Understand the latest amendments impacting Charitable Trusts from April 1, 2024. Learn about amendments in Section 11 of the Incom...
Income Tax : Learn the eligibility criteria and step-by-step process for registering a charitable trust in India. Discover the significance, ad...
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...
Income Tax : Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institu...
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 : Bombay Chartered Accountants Society requests a one-year deferment of Form 10B/10BB, citing challenges faced by charitable trusts ...
Income Tax : ITAT Chennai rules in favor of charities, allowing Form 10A for 12AB registration after initial rejection. Detailed analysis on th...
Income Tax : Explore SAE India vs ITO tax dispute (ITAT Chennai) over Section 11 exemption, GPU classification, mutuality principles. Key issue...
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...
Income Tax : The J&K High Court ruled that trust registration under section 12AA cannot be denied solely for generating surplus profit. Read th...
Income Tax : Discover the intricacies of the ITAT Pune's recent decision in Vashi Parivaar Foundation Vs Commissioner of Income Tax(Exemptions)...
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...
Income Tax : Circular No. 6 of 2023, issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India, provides clarificat...
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...
Advancement of any other object of general public utility would continue to be a charitable purpose, if the activity in the nature of trade, commerce, or business is undertaken in the course of actual carrying out of such advancement of any other object of general public utility and the aggregate receipts from any activity in the nature of trade, commerce or business, or any activity of rendering service in relation to any trade, commerce or business does not exceed 20% of the total receipts of the trust or institution undertaking such activities, for the previous year.
Income of the charitable trust is exempt u/s 11 of Income Tax Act if the same has been registered u/s 12AA. However, Income of the educational institution who has not registered u/s 12AA of the shall exempt u/s 10(23C) of the Act on fulfilment of certain conditions.
New Rule 17AA for books of accounts and other documents to be kept and maintained by Trusts and other various Institutions.
CAG noticed ineffective monitoring of accumulation of income and its utilization, ineffective monitoring of receipts and utilization of foreign contribution, inadequacy of survey of educational Trusts, absence of provision for disclosure of TDS in the audit report, etc.
Unlock the intricacies of income computation for non-profit trusts under the Finance Act 2022. Delve into the conditions, deductions, and guidelines to comprehend tax implications.
Order of cancellation of registration was set aside by Tribunal and, therefore, direction was issued to assessing officer to assess assessee as a trust and not as AOP
Stay informed about the Supreme Court of Indias recent decision unsettling the settled legal position on the mandatory or directory nature of submission requirements (Form 10B, Form 9, Form 10CCB, etc.) for claiming tax exemptions or deductions. Explore the impact of PCIT Vs Wipro Limiteds judgment, highlighting the need for strict compliance with exemption provisions. Learn about the principles of statutory interpretation and the evolving stance on filing audit reports for availing tax benefits.
Devendra Prakash Shah Vs State of Maharashtra (Bombay High Court) 1. We have heard Mr. P. B. Shah, learned advocate appearing in support of this writ petition. 2. Having read the averments made in the writ petition and the relief claimed therein, we are of the considered prima facie view that because of the lapse […]
Section 11 of Income Tax Act,1961 provides exemptions for Income earned from property held under charitable trusts / societies for the activities carried out for charitable or religious purposes subject to certain terms and conditions.
Understand the current legal status of contribution by charitable trusts in Maharashtra. Get insights into the provisions, exemptions, and important judgments.
