Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Various Acts & Rules »
Open DEMAT Account in 24 hrs
 Customs Tariff 2009-10 - PART-II - Chapter 98 - Project imports, Laboratory chemicals, passenger's baggage
 Customs Tariff 2009-10 - PART-II - Chapter 97 - Works of art, collectors' pieces and antiques
 Customs Tariff 2009-10 - PART-II - Chapter 96 - Miscellaneous manufactured articles
 Customs Tariff 2009-10 - PART-II - Chapter 95 - Toys, games and sports requisites; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 94 - Furniture; bedding, mattresses, mattress supports
 Customs Tariff 2009-10 - PART-II - Chapter 93 - Arms and ammunition; parts and accessories thereof
 Customs Tariff 2009-10 - PART-II - Chapter 92 - Musical instruments; parts and accessories of such articles
 Customs Tariff 2009-10 - PART-II - Chapter 91 - Clocks and watches and parts thereof
 Customs Tariff 2009-10 - PART-II - Chapter 90 - Optical, photographic, cinematographic, measuring
 Customs Tariff 2009-10 - PART-II - Chapter 89 - Ships, boats and floating structures
 Customs Tariff 2009-10 - PART-II - Chapter 88 - Aircraft, spacecraft, and parts thereof

Wealth-Tax Act - Section No. 21A
September, 09th 2010

4[Assessment in cases of diversion of property, or of income from property, held under trust for public charitable or religious purposes.

21A.    5[Notwithstanding anything contained in clause (i) of section 5, where any property is held] under trust for any public purpose of a charitable or religious nature in India and—

6[(i)       any part of such property or any income of such trust [whether derived from such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act] is used or applied, directly or indirectly, for the benefit of 7[any person referred to in sub-section (3) of section 13 of the Income-tax Act], or

(ii)         any part of the income of the trust [whether derived from such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act], being a trust created on or after the 1st day of April, 1962, enures, directly or indirectly, for the benefit of  7[any person referred to in sub-section (3) of section 13 of the said Act, or]

8[(iii)     any funds of the trust are invested or deposited, or any shares in a company are held by the trust, in contravention of the provision of clause (d) of sub-section (1) of section 13 of the Income-tax Act,]

wealth-tax shall be leviable upon, and recoverable from, the trustee or manager (by whatever name called) in the like manner and to the same extent as if the property were held by an individual who is a citizen of India and resident in India for the purposes of this Act 9[***] :

Provided that in the case of a trust created before the  1st day of April, 1962, the provisions of clause (i) shall not apply to any use or application, whether directly or indirectly, of any part of such property or any income of such trust for the benefit of   10[any person referred to in sub-section (3) of section 13 of the Income-tax Act], if such use or application is by way of compliance with a mandatory term of the trust :

11[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]

12[Provided 13[further] that,—

           14[(a)  in the case of any association referred to in clause (21) of section 10 of the Income-tax Act,—

         (i)  the provisions of clause (i) and clause (ii) shall not apply ; and

        (ii)  the other provisions of this section shall apply with the modifications that,—

     (1)  for the words, brackets, letter and figures “in contravention of the provisions of clause (d) of sub-section (1) of section 13 of the Income-tax Act”, the words, brackets and figures “in contravention of the provisions contained in the proviso to clause (21) of section 10 of the Income-tax Act” had been substituted ; and

     (2)  for the words “at the maximum marginal rate”, the words and figures “at the rates specified in 15[sub-section (2) of section 3]” had been substituted ;]

(b)   in the case of any institution, fund or trust referred to in clause (22) or clause (22A) or clause (23B) or clause (23C) of section 10 of the Income-tax Act, the provisions of 16[clauses (i) to (iii)] shall not apply.]

Explanation.—For the purposes of this section,—

16[(a)  any part of the property or income of a trust shall be deemed to have been used or applied for the benefit of any person referred to in sub-section (3) of section 13 of the Income-tax Act in every case in which it can be so deemed to have been used or applied within the meaning of clause (c) of sub-section (1) of that section at any time during the period of twelve months ending with the relevant valuation date ;

           17(aa) [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]

           (b)       “trust” includes any other legal obligation.]

 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting