Levy of Tax where the Charitable Institution ceases to exist or converts into a Non- Charitable Organization [Chapter XIIEB containing Sections 115TD to 115TF]

 


Table of Contents:

 

·         1.   [Section 115TD]- Tax on Accreted Income of Trust or Institution

o    (i)    [Section 115TD (1)]- Accreted income of Trust or Institution to be taxed at the Maximum Marginal Rate in certain cases:

o    (ii)(a) Meaning of Accreted Income [(Section 115TD (2)]:

o    (b)   Certain assets and liabilities to be ignored for the purpose of computing the Accreted Income (First, Second and Third provisos to Section 115TD (2)

o    (iii) [Section 115TD(3)]- When the Trust or an Institution shall be deemed to have been converted into any form not eligible for Registration u/S 12AA [Section 115TD(3)]:

o    (iv) [Section 115TD(4)]- Tax on the accreted income to be payable even if no income-tax is payable on total income of the trust or institution [Section 115TD(4)]:

o    (v)   [Section 115TD(5)]- Time Limit for Payment of Tax on Accreted Income  :

o    (vi)  [Section 115TD(6)]- Credit of Tax Paid on Accreted Income not available  :

o    (vii) [Section 115TD(7)]- Deduction under any other provisions of the Act not allowed in respect of income charged or the tax paid as per section 115TD (1) :

·         (2) [Section 115TE]- Interest payable for Non-payment of Tax by Trust or Institution

·         (3) [Section 115TF]- When Trust or Institution is deemed to be Assessed in Default

 

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