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The trust registration in India is required for claim of tax exemption under section 11 & section 12 of the Income Tax Act. However as per section 12A, the tax exemption to a trust or society or institution is allowed under section 11 & 12 only if various conditions are fulfilled. One of the first...
The charitable trust in India gets exemption as per section 11 and section 12 of the Income Tax Act.The various conditions including registration procedure is given in section 12AA and section 13 of the I.T.Act. Various rules are also prescribed in I.T Rule . One of the condition for claiming exemption is [ as per Rule 17 B...
The amendment of definition of charitable purpose in section 2(15 ) was done by Finance Act 2008 because the evasion of tax in the grab of charitable trust is rampant in India. The government , after a very big slumber , woke up to this fact and introduced amendments by which the attention of taxmen...
The accumulation of income is allowed to a charitable trust u/s 11 with certain condition.The question is whether the accumulated income which was exempt in year of accumulation , can be taxed in any other year for any reason. The answer is a definite yes.Sub section 3 and 3A of Section 11 of the Income Tax Act...
Exemption to Charitable trust comes with many conditions. In previous post , it was brought before readers that trusts are not allowed to have mixed charitable objects. Now , it should be understood that , contrary to general impression that trading activity is totally banned for charitable trust , actually the trading activity is allowed for most of the charitable or...
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
Capital gains exemption u/s 54 provides relief to a tax payer who gets gains on account of sale of … [Read More...]
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