Provisions Related to Charitable and Religious Trust & How to File ITR7 along with Shedules
Faculty - CA Rohit Kapoor 📆22 & 29 April⏰6.00PM to 8.00PM Course Fees1999/-(Including GST)1299/-(Including GST) Click Here To Pay Pay now Key Features✅English Medium✅E Notes available✅E Certificate✅The Recordings will be provided What will be covered
Govt Revises Application for 12A Registration of Religious or Charitable Trusts [Read Notification]
The Central Government, recently revised Rule 17A and Form 10A seeking more details from religious or charitable trust applying for registration under section 12A of the Income Tax Act, 1961. A notification issued by the
Trust Created for Benefit of Particular Community or Religious Group is not ‘Charitable Trust’: ITAT Denies Tax Exemption [Read Order]
The Hyderabad bench of ITAT has denied the tax exemption of said concern and said that Trust created for benefit of a particular community or a religious group is not ‘Charitable Trust’. In the consequential
Old Trusts to apply for fresh Online Registration: CBDT notifies Forms for New Scheme [Read Notification]
The Central Board of Direct Taxes (CBDT) notifies the forms for a new scheme for trusts which comes into effect from 1 April 2021, which is a completely new system of online registration. Even old
Income of Beneficiaries not Taxable in the hands of Trust : ITAT [Read Order]
In M/s. Abad Trust vs. Asst. Director of Income Tax (Exemption), the Cochin Bench of Income Tax Appellate Tribunal ( ITAT ) held that tax cannot be assessed at the hands of the Assessee-Trust and
Budget 2021 proposes Exemption for Small Trusts [Read Finance Bill]
The  Finance Minister, Nirmala Sitharaman while announcing the Budget 2021-22 has proposed the exemption for Small Trusts. The government with the objective to reduce the compliance burden on small charitable trusts which are running educational
Surplus earned by Trust while imparting Education not Business Income: ITAT [Read Order]
The Lucknow bench of the Income Tax Appellate Tribunal (ITAT) has held that the surplus earned by the Trust by imparting education cannot be treated as business income under the Income Tax Act, 1961. The
CBDT unveils New Application for Registration of Charitable Trusts, Form available in E-Portal
The Central Board of Direct Taxes (CBDT) notified the new Form 10A which is available for e-Filing for registration or provisional registration or intimation or approval or provisional approval. A new clause (ac) has been
Registration of Trust u/s 12AA Once Done, Continues Unless Withdrawn by Specific Order: ITAT Sets Aside Denial of Sec 11 Benefit [Read Order]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has recently, in an appeal filed before it, while setting aside the denial of Section 11 benefit, held that a registration of trust once done under Section
Failure of Explicit Communication of Amended Trust Deed before Department, is no ground for withdrawal of its Registration, till it is Charitable: ITAT [Read Order]
While allowing the appeal filed by the Assessee Paramount Charity Trust, Ahmedabad bench of Income Tax Appellate Tribunal comprising of Judicial member Rajpal Yadav and Accountant Member Pramod Kumar recently ruled that failure of explicit
SEBI set rules to amend the Infrastructure Investment Trusts and Real Estate Investment Trusts Regulations 2020
The Securities and Exchange Board of India (SEBI) set certain regulations to amend the Infrastructure Investment Trusts Regulations, 2014 and Real Estate Investment Trusts Regulations, 2014. In exercise of the powers conferred under section 30
Absence of Dissolution Clause in the Trust Deed cannot be a reason for Denying Registration: ITAT Mumbai [Read Order]
Recently, in Kamla Nevatia Charitable Trust v. DIT(E), the Mumbai bench of the ITAT held that registration under section 12A of the Income Tax Act cannot be denied to a Trust merely for the reason that
GST not leviable on Fees collected for Training on Football, Basketball, Athletics, Cricket, Swimming, Karate, and Dance: AAR [Read Order]
The Maharashtra Advance Authority for Ruling (AAR) bench consisting of Rajiv Magoo, Additional Commissioner of Central Tax, and T R Ramnani, Joint Commissioner of State Tax held that GST is not leviable on Fees collected
Food Supplies to Hostel Students are Ancillary Function of Educational Trust, No Tax: AP HC rules in favour of Bharatiya Vidya Bhavan [Read Order]
In the case of Bharatiya Vidya Bhavan, the Andhra Pradesh High Court (HC) has held that the food supplies to hostel students as an ancillary function of education trust can't be brought to tax. The
MCA Notifies LLP SBO Rules [Read Notification]
The Ministry of Corporate Affairs (MCA), vide notification no. G.S.R. 832(E) has notified the Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023. The rules shall be applicable to any Limited Liability Partnership (LLP). It came