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 :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

Charitable trusts need to appeal by May 31 for tax exemption
May, 18th 2007

Religious and charitable trusts in the country have one last chance to claim exemption of tax on income of earlier years provided they file their application with the income-tax department on or before May 31, 2007.

According to the Finance Bill 2007, applications filed thereafter (ie on June 1 and after) with the department will entitle them to claim exemption of income tax from the financial year in which the application is made and not for earlier years.
Registration of charitable or religious trusts with the income-tax department (under Section 12 A of the Act) is a pre-condition for availing exemption of income tax under Sections 11 &12 of the I-T Act.

For obtaining such registration, the trust or institution has to make an application in Form 10A to the commissioner of income tax within a year from the date of its creation.

Where such an application is made after the expiry of one year, the commissioner may forgive such a delay, if he is satisfied with the reason/s given for such a delay.

In such a case, exemption under Sections 11 & 12 is available from the date of creation or establishment of the trust or institution.

Where the commissioner denies such condoning, the benefit will be available only from the financial year in which the application for registration is made.

Briefing the press here Wednesday, income-tax commissioner, Jamshedpur, K Sarkar, said the Finance Act 2007 has removed the requirement of filing the application within the year after the creation of the trust.

The Act has also removed the power vested with the commissioner for forgiving such a delay by stipulating that for any application made on or after June 1, 2007, registration would be granted only from the financial year in which the application is made.

Trusts registered with the I-T department do not have to pay income tax on their annual income.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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