Charitable trusts and societies often rely on the exemption provisions under Section 11 of the Income-tax Act to accumulate income for future charitable purposes. However, tax authorities sometimes deny such benefits on the basis of minor procedural defects, even when the charitable …
The Income Tax Department of India has prescribed different Income Tax Return (ITR) forms for different categories of taxpayers, depending on their residential status, nature of income, and amount of income. Selecting the correct ITR form is crucial for accurate filing, compliance, and avoiding notices or …
The earning of profit per se would not disentitle the Trust, for exemption under sections 11 to 13 of the Act, unless the facts of the case warrant that the funds of the Trust have been misappropriated by the Trust. …
Some trusts, institutions, and funds faced challenges in submitting their reports in the correct form. As a result, the CBDT has granted these entities an extended deadline to file their audit reports in Form 10B/10BB by 10 November 2024. The …
CBDT Circular No. 3/2024 Dated 6th March 2024: Eligible donations made by a trust or institution will now be considered as an application for charitable or religious purposes only to the extent of 85% of such donations. LISTEN THE CIRCULAR …