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 :: empanelment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: VAT Audit :: TDS :: list of goods taxed at 4%
 
 
« Latest Circulars »
 New Opening Accounts & Finance - Executive /asst. Manager ( Chartered Accountant)
 35 LPA-Opening DGM / GM Accounts - Chartered Accountant ( CA )
 Secondary market transactions in Government Securities – Notional Short Sale
 Over-the-Counter Government Securities Transaction by Foreign Portfolio Investors (FPIs) – Settlement Period
 Agency Commission for GST receipt transactions
 Inclusion of “Utkarsh Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934
  Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
 Auction for Sale (Re-issue) of Government Stock (GS) November 13, 2017
 Auction of Government of India Dated Securities November 13, 2017
 Cessation of “Commonwealth Bank of Australia” as a banking company within the meaning of sub–section (2) of Section 36 (A) of Banking Regulation Act, 1949
 RBI releases Data on India’s International Trade in Services: September 2017

NOTIFICATION no. 12/2007, dated 19-1-2007
January, 19th 2007

In exercise of powers conferred by the sub-clause (iv) of the clause (23C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that any income received by any person on behalf Family Planning Association of India, Bajaj Bhawan, 1st Floor, Nariman Point, Mumbai-400021 (hereinafter the Institution) shall not be included in the total income of such person as assessable, subject to the following conditions:

(a) the institution will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent of its income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent of its income shall in no case exceed five years;

(b) the institution will not invest or deposit its fund (other than voluntary contribution and maintained in the form of jewellery, furniture, etc.,) for any period during the previous years relevant to the assessment years mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of the section 11;

(c) this notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the institution and separate books of account are maintained in respect of such business;

(d) the institution will regularly file its return of income before the Income-tax authority in accordance with the provisions of the Income-tax Act, 1961;

(e) that in the event of dissolution of the institution, its surplus and the assets will be given to an organization with similar objectives.

(f) The institute will get its accounts audited by an accountant as defined in Explanation below sub-section (2) of section 288 and furnish along with the return of Income. The report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.

2. This notification is applicable only to the recipients of income on behalf of the Institution and not to any other receipt or income of such recipients. Taxability or, otherwise of the income of the Institution would be separately considered as per the provisions of the Income-tax Act, 1961.

3. This notification is applicable for assessment year 2002-2003 and onwards.

4. The above notification is liable to be rescinded by the Central Government, if it is subsequently found that the activities of the institution are not genuine or if they are not carried out in accordance with all or any of the conditions subject to which it was notified.

            [F. No. 197/123/2006-ITA-I]

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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