Expansion of Scope for Cancellation of registration of the Trust or Institution u/s 12AA Section 12AA of the Act prescribes for manner of granting registration in case of trust or institution for the purpose of availing exemption in respect of its income under section 11 of the Act, subject to conditions contained under sections 11, […]
Amendments in Budget 2019 regarding Charitable & Religious Trusts Read More »
Enhancing time limitation for sale of attached property under rule 68B of the Second Schedule of the Act The existing provisions of rule 68B of the Second Schedule of the Act provide that no sale of immovable property attached towards the recovery of tax, penalty etc. shall be made after the expiry of three years
With effect from AY 2020-21 (FY 2019-20), more persons (Individual/HUF/AOP/Artificial Juridical Persons, etc.) will have to file an ITR, *though their total income may not be taxable*. 1. Such persons will have to compulsorily file ITR if their income without allowing following deductions/exemptions exceeds ₹ 2.5 lakh: a) any deduction under chapter VIA,
इस पत्र के माध्यम से कोरोना महामारी के कारण उत्पन्न हुई परिस्थितियों में भारत के समक्ष आर्थिक मोर्चे पर क्या-क्या चुनौतियां हैं तथा भारत के लिए कौन-कौन सी सम्भावनाएं उत्पन्न होने जा रहीं हैं, इन बिन्दुओं पर विस्तार से चर्चा की जा रही है। पृष्ठभूमि: पूरा विश्व इस समय कोरोना (Covid19) नामक महामारी से
कोरोना (Covid19) – आर्थिक मोर्चे पर भारत के समक्ष चुनौतियां एवं संभावनाएं Read More »
AMENDMENTS MADE TO SECTION 10(23C) TO REMOVE CONFLICTING PROVISIONS 1. Corpus donations received by Section 10(23C) institutions will be exempt from tax: If institutions, registered under section 12AA, receive any income in the form of voluntary contributions with a specific direction that it should form part of the corpus of the trust or
All the existing charitable and religious institutions (including NGOs) which are registered or approved under the following sections: Section 12A Section 12AA Section 10(23C) Section 80G Are compulsorily required to switch to section 12AB/proviso of section 10(23C) for fresh registration or to section 80G(5)(ix) for fresh approval. The Finance Minister in her Budget Speech iterated
Voluntary Contribution According to Section 11(1)(d) of income Tax Act, income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution shall not be included in the total income of the trust or institution. According to Section 12(1) of Income tax