Exemption u/s 11 - The expenditure, if incurred in an earlier ...

Trusts Can Offset Prior Expenditures Against Future Income for Tax Exemption u/s 11 of Income Tax Act.

November 16, 2015

Case Laws Income Tax AT

Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust had incurred expenditure on religious and charitable purposes from the income of the subsequent year, even though the actual expenditure was in the earlier years, if in the books of account of the trust such earlier expenditure had been set off against the income of the subsequent year - AT

View Source

← Previous Next →

Exemption u/s 11 - The expenditure, if incurred in an earlier ...

Trusts Can Offset Prior Expenditures Against Future Income for Tax Exemption u/s 11 of Income Tax Act.

November 16, 2015

Case Laws Income Tax AT

You may also like:

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

Assessment u/s 153A - benefit of exemption u/s 11 - Bogus purchases - even if the benefits of section 11 is denied than too there can be no income of the appellant trust...

The assessee, a trust registered u/s 12AA, filed its return of income belatedly u/s 139(4) of the Income Tax Act. The issue was whether the trust could avail exemption...

Assessment of trust - Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust...

Assessment of trust - claim of depreciation - Exemption u/s 11 - section 32 of the Income-tax Act providing for depreciation for computation of income derived from...

Exemption u/s 11 - Expenditure on distributing prize, Honorarium to jury, Event management expenses and Employee benefits - Whether expenditure incurred directly or...

Exemption u/s 11 - status of the assessee trust - The assessee trust is irrevocable trust which is duly registered under section 12A and thus, eligible for exemption u/s...

Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the...

Exemption u/s 11 - trust which was not registered u/s.12A - Addition of corpus donation - voluntary contribution received by the trust with a specific direction that...

Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

Exemption u/s 11 - renal income - standard deduction @30% vs actual expenditure - once income of a trust/institution is computed u/s 11, whatever income derived from the...

Determination of income of the trust after denial of the exemptions under section 11 - Once the exemption claimed by the assessee u/s 11 of the Act has been denied, the...

The trust was denied registration u/s 12A/12AB by the Commissioner of Income Tax (Exemptions) on the ground that it was established for the benefit of a particular...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Exemption u/s 11 - the assessee trust shall not be allowed exemption owing to accumulation of income to the tune of 15% of its income as is provided under second limb of...

Quick Updates: