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Beware of Most Dangerous Tax Amendment For Charitable Society !

May 18, 2009 By taxworry Leave a Comment

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Excerpt: One of my clients is a charitable society having more than twelve various activities like schools, charitable clinics, naturopathy centres, creches, old age homes, pension for widows, library, Masala Centre where various spices are prepared by poor ladies. Spices prepared by these ladies are sold over the counter which results in some income to the society. Besides sometimes a hall in building of the society is also given on rent to some commercial organisation for sale purposes.Pl confirm whether in light of the latest amendments in the Income tax Act, the activities like sale of spices and rent receipt will…

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When Is A Trust Not Liable To Deduct Tax at Source ?

April 3, 2009 By taxworry Leave a Comment

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Excerpt: Whether tds should be deducted on rent paid by charitable trust to a hotel management , guest house or not. Sanjay , KolkataThe provision for tax at source on payment of rent is given in section 194 I of the I T Act. The opening sentence of the said provision is as under :194-I. Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of rent, shall, at the time of credit of such income to the account of the payee or at the time…

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How To Form A Charitable Society & Get Registered With Income Tax Department?

February 5, 2009 By taxworry Leave a Comment

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Excerpt: Want to do some charity or philanthropy in a group? A society registered under Society Registration Act and then getting the registration with Income Tax Department is perfect vehicle of charity and philanthropy. A society for the relief of poor, education,medical attention and advancement of any other object of general public utility is granted exemption from tax under I T Act under section 11 and section 12 .Three major steps involved in forming a society and getting exemption from income tax are :Arrange to form a like minded group of minimum seven personsGet Registered under Society Registration…

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Can Trust Be Created By Transferring Income From Property And Not The Property ?

November 1, 2008 By taxworry Leave a Comment

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Excerpt: Is it possible that assets remain under my name but the income received is transferred to the trust and taxable in trust name? Ranjan GumnaniCreation of trust by transfer of income of a property and not the property is possible , but it will not give any tax benefit because section 60 of the I T Act provides that in such case income so transferred to the trust shall be considered as income of transferor only. Read the relevant provision below60. All income arising to any person by virtue of a transfer whether revocable or not and whether effected…

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How To Tax Plan Through Private Trust?

October 29, 2008 By taxworry 1 Comment

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Excerpt: The central point of tax planning is to have more tax entities. Each entity gets basic exemption from tax which in aggregate exempts quite a substantial amount of income from tax. When you create a private trust,what you are doing is creating a separate tax entities. Following points should be kept in mind to minimise the tax on trust , thereby , resulting in tax savings. 1. Trust should be in writing , because oral trust can be charged to tax on maximum marginal rate, 2. A private trust should refrain from carrying out any business or profession…

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How A Private Trust Taxed?

October 28, 2008 By taxworry Leave a Comment

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Excerpt: A private trust can have one trustee or more than one trustee who  are  treated as "representative assessee" for the purpose of assessment of the private trust .Representative Assessee is defined u/s 160(1)(iv) and 160(1)(v) of the I T Act. As per section 161(1) ,  trustee or trustees are taxed as if  it is their income and assessment is done in his name. Remember , however , an assessment on him as trustee  u/s 161(1) is separate and distinct from his personal assessment.(refer section 161(2) ) How the tax computed for total income of private trust ?  …

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How A Private Trust Can Help Your Daughter,Handicapped Dependent or Wife ?

October 28, 2008 By taxworry 5 Comments

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Excerpt: India live in families. We remain concerned about the family members . The question remain foremost important in ones mind what happens after one’s demise.In many unfortunate circumstances like below , one’s concern is very real…… A daughter or son in the family paralysed and completely handicapped. Son is busy with his own family and has no time for parents, who will take care of your wife who is suffering from many problems. A daughter who is married , but son -in-law is not reliable. You fear after you he…

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How To Get Registartion U/s 80G ?

May 12, 2008 By taxworry Leave a Comment

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Excerpt: We have recently (April 08) formed NGO (Voluntary Consumer Organisation) and got registered with Sub Registrar VI A Delhi.Now we want to get it registered with Income Tax for 80 G exemption. What are the formalities and what is time period taken for giving permission? S. P Manchanda, New DelhiThe procedure of getting approval under section 80G of the I T Act by the society is given in Rule 11AA of I. T. Rule . which is summarized below1. The application for approval should be in Form No.10G and shall be made in triplicate. The form can be downloaded from…

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How To Create Charitable Trust ?

February 26, 2008 By taxworry Leave a Comment

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Excerpt: Income Tax Act has specific provisions for exempting income of a charitable trust and also giving deduction u/s 80G to persons giving donation to approved charitable trusts.The process of setting  up a charitable trust , there fore , has two steps: Registering a Trust deed with registering authority. Applying before Commissioner of Income Tax for registration of trust for the purpose of exemption. Registering a trust deed …

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