Latest Expert Exchange Queries

Make 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) | 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: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: VAT RATES :: Central Excise rule to resale the machines to a new company :: TDS :: list of goods taxed at 4% :: due date for vat payment :: articles on VAT and GST in India :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARDS :: empanelment
 
 
ICAI »
 Notification CPT - June, 2017
 Notification Final - May, 2017
 Result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 declared.
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 August, 2017.
 Alternate website for CA Final and CPT May/June 2017 Results
 CPE Events 17th July - 22th July 2017
 Result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 are likely to be declared on Tuesday, the 18th July 2017.
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th June 2017 is likely to be declared on 18th July, 2017.
  Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10
 Announcement for revision in fee of Expert Advisory Committee (applicable with effect from July 1, 2017)
 IFRS Taxonomy Update - IFRS 17 Insurance Contracts

Donations to trusts are not business expenditure: ITAT
June, 02nd 2008

Donations to trusts can not be treated as business expenditure, the tax tribunal said while giving a ruling in a case involving an advocate and the tax authorities.

The Income Tax Appellate Tribunal (ITAT) recently gave this ruling in a case pertaining to an advocate from Indore who claimed tax benefit on donation made to a charitable trust with instructions to use the money for buying books for the court library.

Turning down the argument of the advocate that the money donated was a business expenditure, the ITAT held, "No direct nexus has been established between the expenditure by way of donation and the profession of the assessee, such expenditure cannot be allowed deduction under section 37 of the IT Act (business expense)."

The Inodre-based advocate in his submission before the ITAT argued that the donation to the trust was meant for "larger benefit of his junior colleagues, his own reputation and credibility amongst his colleagues."

ITAT, however, rejected the contention of the advocate and held that once the sum has been donated to a trust, the donor loses control over money and cannot issue any directions for the utilization of the amount.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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