Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: cpt :: VAT RATES :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment
 
 
« General »
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits
 Alarm bells over return of tax inspector raj

Devise mechanism to check misuse of tax exemptions
December, 17th 2015

Concerned over misuse of tax exemption laws by some religious and charitable trusts, a Parliamentary panel today suggested that the government look at the provisions afresh and devise a procedure for systemic evaluation of such institutions.

"The Finance minister should seriously ponder and look the whole issue afresh with a view to devising a procedure for proper and systemic evaluation of charitable trusts/ institutions so that those trusts which are not discharging their functions in consonance with the objectives ... do not escape any tax liability," the PAC report said.

The Public Accounts Committee, headed by Lok Sabha Member KV Thomas, today tabled the report 'Exemptions to Charitable Trusts and Institutions' in Parliament.

Based on the examination of a Comptroller and Auditor General of India (Report No 20 of 2013), the PAC cited several instances of violations of Income Tax provisions and mentioned names of important institutions like Jamshetji Trust, Navajbai Ratan Tata Trust, four Cricket associations, and Symbosis Society Group.

The Committee suggested that the government should set up a web-based interactive plan to plug any possibilities of leakage in revenue or misreporting by charitable institutions.

And that is my concern too. When I pay several lakhs each year as income tax, I want to see that it doesn't go to the s... Read More
Felis

SEE ALL COMMENTSADD COMMENT
The PAC report suggested that government should conduct survey of all educational trusts in a timebound manner "to verify whether they are actually charitable in nature, especially considering the huge profits generated and surpluses accumulated by most of these trusts".

It also recommended that the government should take necessary action within a stipulated timeframe to cancel the registration of those trusts which do not exist for charitable purpose.

With regard to contributions received from abroad, it said government should make suitable amendments in the Income Tax Act to ensure that separate accounts are maintained for foreign contributions and local funds by trusts and charitable institutions.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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