Conditions for Applicability of Sections 11 and 12 in case of Public Trusts for Charitable and Religious purposes

 

Table of Contents:

 

·         (1) [Sections 12A(1)]- Registration of Trust

·         (2) [Section 12A (1) (ab)]- Fresh Application for Registration required if there is change or modification of objects of entities Exempt U/s 11 and 12

o    Documents to be attached along with application in Form 10 [Rule 17A]:

·         (3) [Section 12A(1)(b)]- Accounts of the Trust must be Audited by the Chartered Accountant

·         (4) [Section 12A(1)(ba)]- Return of income to be furnished before the due date specified in section 139(1)

 


Related Posts…

 

·         Perquisites of Specified Fringe Benefits or Amenities in the hands of all Employees for computing Salary Income under Income Tax Act. The rules for valuation of specified fringe benefits or amenities are as under: 1.   [Rule 3(7)(i)]- Interest Free or Concessional…

·         GST Registration, Modification and Cancellation Procedure The registration in GST is PAN based and State specific. Supplier has to register in each of such State or…

·         Input Tax Credit or ITC under GST Under the GST regime. the Centre will give input tax credit for Central GST/IGST and the States will give input…

·         Supply of Goods or/and Services under CGST/SGST Act. In order to constitute a 'supply', the following elements are required to be satisfied, i.e.— (i)         the activity involves…

·         Investment Planning for Tax Savings 1.   Investment in Sukanya Samriddhi Yojana (SSY) The Sukanya Samriddhi Yojana interest rate for January to March 2020 (Q4, FY…

·         TDS from Salary [Section 192] 1.   [Section 192(1)]- Tax to be Deducted at average of Income-Tax: Any person responsible far paving any income chargeable under…

·         Payment of GST in GST Regime 1.   Types of Payments to be made in GST Regime For any intra-state supply For any interstate supply Taxes to…

·         Appeals to Appellate Tribunal [Section 253(1) and (2)] (A) [Section 253(1)]- Orders against which Appeal may be filed by the assessee: As per section 253(1), any assessee may…

·         Tax on Total Income of a Company 1.   Rates of Income Tax of a Company other than covered U/s 115BA A company is assessed like any other…

·         Deductions from Gross Total Income for computing Taxable Income 1.   [Section 80CCC]- Deduction in respect of Contribution to certain Pension Fund Essential Conditions for Claiming Deduction under this Section…

·         Levy of Tax where the Charitable Institution ceases to exist or converts into a Non- Charitable Organization [Chapter XIIEB containing… 1.   [Section 115TD]- Tax on Accreted Income of Trust or Institution (i)    [Section 115TD (1)]- Accreted income of Trust…

·         GST Return under GST Act. A GST Return is a summarised statement furnished by the tax payer to the tax administrators containing details of specified…

·         [Section 30 to 37]- Expenses Allowed as a Deduction for computing Income under ‘Profit & Gains of Business or Profession’ 1.   [Section 30]- Rent, Rates, Taxes, Repairs and Insurance for Buildings  – for computing Profit & Gains of Business or…

·         Exemption of Capital Gains under Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G. 54GA and 54GB 1.   [Section 54]- Exemption of Capital Gain on Transfer of House Property used for Residence Capital gain arising on the…

·         Assessment of Charitable Trusts and Institutions 1.   Exemption Under Section 11 to 13 in case of Public Trusts for Charitable or Religious Purposes The income derived…

·         Value of Taxable Supply of Goods or Services under Chapter IV of CGST Rules (Rules 27 to 35) Basis of charge of GST is given by section 9. As per section 9, GST shall be levied on the…

·         Computation of Capital Gains in different Cases 1.   Computation of ‘Capital Gain’ in case of ‘Zero Coupon Bonds’ The profits arising on the transfer of such zero…

·         Procedure for Assessment of Search Cases-[Sections 153A, 153B and 153C] 1.   [Section 153A(1)(a)]- Notice for Filing Return: Where a search is initiated under section 132 or books of account, or…

·         Appeals & Revisions under Income Tax Act. 1.   First Appeal Filed by the Assessee The first appeal against the order of Assessing Officer shall lie to the…

·         Levy and Collection of GST under CGST Act, IGST Act and UTGST Act. Taxable event and point of time for payment of tax were two different aspects under indirect tax law in preGST…

 

 

You May Also Like…

 

Revision by the Principal Commissioner or Commissioner under Income Tax Act.

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management / Appeals & Revisions

Table of Contents 1.   [Section 263]- Revision of orders prejudicial to Revenue:Time limit for passing the revision order under section 263:No time limit in the…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

Section 285BA requires the furnishing of statement on account of the following:  (A)       Statement of financial transactions  (B)        Statement of reportable account  Table…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

Table of Contents 1.   [Section 282(1)]- Mode of Service of Notice or summon or requisition or order or any other communication under the Income Tax…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

Table of Contents (1) [Section 281B(1)]- Provisional attachment of any properly belonging to the assessee:(2)  [Section 281B(2)]- Period of validity of the attachment order:(3) [Section…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

In India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating a resource crunch for its various…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

(a)        No branch of a banking company or a co-operative bank, and (b)        No other company or co-operative society, and (c)        No…

Direct Taxes Ready ReckonerMisc. ProvisionsTax Management / Misc. Provisions

No person shall take or accept from ant’ other person (herein referred to as the depositor),— (i)         any loan or (ii)        deposit or…

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management / Appeals & Revisions

Table of Contents (A) [Section 253(1)]- Orders against which Appeal may be filed by the assessee:(B) [Section 253(2)]- Principal Commissioner or Commissioner may also direct…

Appeals & RevisionsDirect Taxes Ready ReckonerTax Management / Appeals & Revisions

The first appeal against the order of Assessing Officer shall lie to the Commissioner (Appeals) and it can be filed by the assessee only. Table…

Direct Taxes Ready ReckonerPenaltiesTax Management / Penalties

Table of Contents (A) [Section 273A(1)]- Power to Reduce or Waive Penalty imposed or imposable for default under Section 270 or Section 271(1)(c)Principal commissioner /…