« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Now, get ready for the `one-person company`... SC to decide priority over division of debtor's assets... » I-T sops on charitable trusts may go November, 26th 2007 Income tax exemptions available to charitable trusts occupied in commercial activity may be withdrawn next year. The move may be part of Budget 2008-09, said a senior government official.   Some other tax exemptions available to companies may also be pruned or altered, the official said.   Though tax proposals for the Budget are finalised only in February, income tax officials are examining how various exemptions could be phased out from the next financial year.   In 2006-07, the revenue foregone just on account of 16 direct tax incentives and deductions available to corporate India was just over Rs 50,000 crore, 44 per cent more than the previous year.   Commercial entities claiming income tax exemption by registering under Section 12A of the Income Tax Act, 1961, as charitable organisations have been under the Central Board of Direct Taxes (CBDT) scanner for some time.   CBDT thinks companies are taking advantage of the definition of what constitutes charitable activity in Section 2 of the Income Tax Act, 1961.   The section says: Charitable purpose includes advancement of any other object of general public utility.   The definition will have to be amended, the official added.   Pointing out that an institution like the Mormugao Port Trust (MPT) among many others is registered as a charity, the official said most port trusts are doing commercial business, but claim income tax exemptions under Section 12A.   There are others too a state government-owned road transport, a chamber of commerce, north Indias largest agricultural trading committee and a leading maritime board in West India are registered as charitable trusts. None of them are doing any charity as such, the official added.   However, the Mormugao Port Trust maintains that it is rendering a public service and claimed that the courts have upheld its stance.   Not a single rupee goes as dividend to government or anyone else. Every surplus rupee is spent for maintenance and development of the port. It qualifies as a charitable institution completely," said Praveen Agarwal, chairman, Mormugao Port Trust.   "Twelve major ports plough back Rs 600 to Rs 700 crore, which otherwise would have gone towards tax, every year for expansion and development of ports. Tax on our income will inhibit expansion plans," Agarwal added.   Tax experts point out that unless the definition of charitable activity is changed in law, the Income Tax would continue to lose in litigation on this account.   Many tribunals have upheld such entities as charitable trusts due to the definition which includes public utility, the official said.