Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: empanelment :: cpt
 
 
« Direct Tax »
 Finance Ministry asks taxmen to submit note on high-pitched assessments
 Businesses in a tizzy over tech glitches in filing GST returns
 Haryana tax department turns lens on shell companies
 CBDT denies data inconsistency over new taxpayers after note ban
 No inconsistency in number of tax payers: CBDT
 India will benefit from growing tax revenue in FY2018
 I-T plans to pursue property-holders who have never filed income tax returns
 Direct Tax Collections up to July, 2017 show Growth
 How True is CBDT’s Claim of Record New Tax Filers?
 Five Questions for Republican Tax Reformers
 CBDT signs nine UAPAs with Indian taxpayers

CBDT defines charitable purpose for benefits under I-T Act
December, 01st 2015

The explanatory note also provides details of rates of direct taxes, applicability of MAT on foreign entities, tax benefits for Swachh Bharat Kosh and Clean Ganga Fund, besides other provisions of the Finance Act, 2015, which was approved by Parliament in May. Photo: Bloomberg

With a view to weed out commercial activities under the garb of charity, the tax department has said any general public service that involves trade, commerce or business for a consideration will not be treated as Charity under the Income Tax Act.

Issuing ‘Explanatory Notes to the Provisions of the Finance Act, 2015’, which lists all the amendments that were made to it, the Central Board of Direct Taxes (CBDT) in a circular gave the definition of ‘charitable purpose’ as also listing yoga as one of the activities that will get tax benefit.

“The definition of ‘charitable purpose’ in the I-T Act has been amended to provide that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration..,” the note said.

This is intended to ensure appropriate balance between the object of preventing business activity in the garb of charity and at the same time protecting the activities undertaken by the genuine organisation as part of actual carrying out of the primary purpose of the trust or institution. “These amendments take effect from April 1, 2016, and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years,” it said.

The explanatory note also provides details of rates of direct taxes, applicability of minimum alternate tax (MAT) on foreign entities, tax benefits for Swachh Bharat Kosh and Clean Ganga Fund, besides other provisions of the Finance Act, 2015, which was approved by Parliament in May.

As per the circular, 115 JB of Income Tax Act has been amended such that capital gains arising on transactions in securities; or interest, royalty or fees for technical services to a foreign company will not be liable to MAT if such income is credited to the profit and loss account and the tax payable is less than the rate specified in section 115JB.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions