Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: due date for vat payment :: empanelment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TDS :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit
News Headlines »
 TDS Rate Chart for AY 2018-19
 Last date to submit third installment of advance tax is December 15
 5 tax-saving funds that have given stellar returns in the past 5 years
 Find out which ITR Form is suitable for you
  Pr CIT vs. Baisetty Revathi (Andhra Pradesh High Court)
 What is income tax?
 Refund procedure initiated under GST
 Income tax returns (ITR) filing: How to get capital gains tax benefits on assets in own name
 7 avenues to help you save tax under Section 80C of Income Tax Act
 How to make income tax law less taxing
 Your Income Tax returns (ITR) filing revised? 5 points you must worry about

FM may not be charitable to trusts in Budget 07-08
February, 10th 2007

Interest income earned by charitable institutions could come under the tax net. At present, this income is tax-free if the institutions reinvest 85% of the earnings in charitable activities.

The finance ministry has decided to visit the field anew. It has consulted tax experts, including the National Institute of Public Finance & Policy, in the run-up to Budget to develop a viable taxation plan for the sector.

Income-tax provisions allow a notified charitable institution to receive a tax-free donation, which it can invest in specified securities. Section 11(5) of the I-T Act specifies the types of securities in which the donations can be invested in, like post office deposits, government bonds and deposits with banks.

Tax laws say 85% of the interest income must be ploughed back into charitable purposes. The only exception to this rule is for institutions, which provide a declaration that the sum would be invested in specific projects.

This means a donation made to such institutions or trusts remains tax-free not just at the accumulation stage, but also at the vesting stage. This is similar to the status enjoyed by some small savings schemes.

Finance ministry has decided to visit the subject of taxing charities anew
I-T provisions allow tax-free donations which can be invested in specified securities
Charities have escaped the tax net because they work for the public good
Tax experts say charitable institutions have for long escaped the tax net because they worked for the public good. Hence, any move to tax them raises an emotive issue.

For instance, the government subjected anonymous donations to non-religious trusts to a 30% tax in the last Budget. But many institutions have already pleaded with the finance ministry to relax the measure.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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