Rationalisation of the provisions of Charitable Trust and ...

Charitable Trusts Rule: Redeposit of Corpus Funds After 5 Years Won't Qualify as Income Application.

February 6, 2023

Notes Income Tax

Rationalisation of the provisions of Charitable Trust and Institutions - Application of corpus fund or loans or borrowings shall not allowed as application if it is deposited back or invested into corpus fund in more than 5 years

View Source

← Previous Next →

Rationalisation of the provisions of Charitable Trust and ...

Charitable Trusts Rule: Redeposit of Corpus Funds After 5 Years Won't Qualify as Income Application.

February 6, 2023

Notes Income Tax

You may also like:

Registration u/s 80G(5)(vi) - charitable activities and utilization of funds - deduction from total income on donations to be made available to donors based on such...

Initiation of CIRP - Financial Debt or not - The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for...

Dividend received from shares donated as corpus fund is treated as part of corpus fund, not income, if donor directs so, following Mata Amrithanandamayi Math case. Since...

The Appellate Tribunal dismissed the Section 7 application filed by the Appellant, ruling that the share application money deposited by the Appellant with the Corporate...

Exemption u/s 11 - registration u/s 12A withdrawn - the donee trust will treat the donation as towards its corpus and can only utilise the accruing income from the...

The development fund received from students, apart from tuition fees, is treated as a capital receipt or corpus donation, not a revenue receipt. The fund is utilized for...

Eligibility for deduction U/s.11 & 12 - The claim of the assessee to carry forward the excess application of fund cannot be entertained applying the commercial...

Education trust - corpus fund - AO was not justified in holding contributions towards different corpus funds as current income liable to tax. - AT

The CBDT has issued a circular which addresses conditions under which income from specific funds, trusts, institutions, universities, educational, or medical...

Exemption u/s 11 - If the corpus has been received by the assessee for a designated purpose, the same should have utilized for that purpose only and if depreciation is...

The petitioner incurred expenditure towards application of income as required u/s 11(1)(d) for the year under consideration, which was evident from the computation of...

The ITAT decided on the rejection of a Trust's application for approval u/s 80G(5) due to "religious" expenses. The CIT(E) did not seek specific details before rejecting...

HC allowed appeals, holding appellant's activities qualified as "relief of the poor" under Section 2(15) for charitable purpose definition and Section 11 exemption...

Re-assessment - Time limitation for notices issued - period of limitation enhanced from 5 years to 6 years - Prospective or retrospective amendment - 5 year period...

The Income Tax Act did not intend to tax deemed rental income from properties held as stock-in-trade prior to the assessment year 2018-19. Section 23(5), introduced from...

Quick Updates: