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: TDS :: ACCOUNTING STANDARDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT RATES
 
 
General »
 Government sets aside Rs 10,000-cr tax demand on tech companies
 Income tax department surveys bitcoin exchanges
 Income tax department to target senior executives who have US bank accounts
 Exporters file over 10,000 applications for GST refunds
 Government wants RBI rate cut before March: Finance ministry sources
 Govt begins review of tax, other norms for startups
 Fall in tax collection compounds crisis
 Govt sets up task force to review income tax laws
 Tax queries: Contact employer to get Form 16 error rectified
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON

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