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 :: VAT RATES :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: form 3cd :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4%
 
 
News Headlines »
  I-T department asks taxpayers to update their information on e-filing portal
  How to check income tax refund status
 GST panel to consult MSMEs in October end to further ease tax rigour
  How to check income tax return status
 Been Served a Notice by the Income Tax Department? Here’s How You Can Respond
 Seeks to amend the CGST Rules, 2017 - 45/2017 - Central GST (CGST)
 Government provides clarity on tax rate
 Processing of returns in Form ITR-I under section 143(1) of the Income-tax Act, 1961
  Filing of Reconciliation return in form 9 for the year 2016-17
  Today is last date for filing GSTR-1 forms for July; govt rules out further extension
 Today is last date for filing GSTR-1 forms for July; govt rules out further extension

Tax relief to come with a rider for trusts
June, 14th 2007

The Central Board of Direct Taxes (CBDT) on Wednesday issued a notification announcing that religious and charitable trusts and institutions, which failed to register with the tax authorities before June 1, 2007 for availing of tax exemptions, would get relief only from the year in which they apply.

Religious and charitable trusts and institutions wanting to avail of tax exemption on income for previous years had been given a deadline of May 31, 2007 to apply for registration. The new notification has removed the power previously vested with the commissioners for pardoning a delay in registration. The Finance Act 2007 has removed the power vested with the commissioners for condoning the delay in registration.

To avoid any ambiguity in this regard, an official statement issued in May said: In order to avail (itself) of the benefit of condonation of delay for earlier years, any trust or institution which has not filed its application within one year of its creation or establishment may file such application before the first day of June 2007.

Applications filed on or after the first day of June 2007 will entitle the applicant to claim exemption of income from the financial year in which the application is made and not for earlier years.

The Finance Act 2007 stipulates that for any application made on or after June 1, 2007, registration will be granted from the financial year in which it is made.

Earlier, to get tax exemptions, the trusts were required to apply for registration within a year from the date of their creation or establishment. In case of late applications, the commissioners of income tax had the power to condone the delay and grant tax exemptions.

Also, charitable trusts have been barred from availing of tax exemption on anonymous donations, but religious trusts would continue to get exemption on such income.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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