Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Bill - Highlights / Catch Notes

Home Highlights August 2024 Year 2024 This

There are two regimes for trusts, funds, or institutions to ...


Trust/fund exemption regimes to merge. First regime under 10(23C)(iv-via) phased out from Oct 1, 2024. Existing approvals valid. Can apply under Sec 11-13 later. Eligible investments protected.

Notes     Bill

August 2, 2024

There are two regimes for trusts, funds, or institutions to claim exemption. The first regime is under sub-clauses (iv), (v), (vi), or (via) of clause (23C) of section 10. The second regime is u/ss 11 to 13. To simplify procedures and reduce administrative burden, the first regime will be phased out gradually. Applications for approval under the first regime filed on or after October 1, 2024, will not be considered. Pending applications before that date will be processed under the first regime. Approved entities will continue to receive exemption under the first regime until the validity period. They can subsequently apply for registration under the second regime. Certain eligible investment modes under the first regime will be protected in the second regime through amendments to section 13. These changes will take effect from October 1, 2024.

View Source

 


 

You may also like:

  1. Exemption u/s.10(23C)(vi) - payment of lease rent to trustees of the trust - ld. CIT(E) had stated that this payment of lease rent is in violation of provisions of...

  2. Sub-section (7) of section 11 is proposed to be amended to include reference of clauses (23EA), (23ED), and (46B) of section 10, enabling trusts under the second regime...

  3. Refund of ITC - forcing an option to the assessee - It is clear from the narrative thus far that the dealer has two options i.e., refund or carrying forward the ITC to...

  4. The ITAT Chennai held that the denial of registration u/s 80G(5) to an old trust was unjustified as the trust existed before the new registration regime. The trust...

  5. Transitional Credit - TRAN-1 - As a matter of fact, the provisions of GST Act also does not provide for lapsing of the credit, which could not be successfully...

  6. The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head...

  7. Reopening of assessment - Scope of new section/regime u/s 148A - Sense that one gets upon a holistic reading of the backdrop in which the new regime for reopening...

  8. Benefit of exemption - Approval u/s 10(23C)(vi) was granted to trust as a whole or for specified institution only - We are in complete agreement with the ld....

  9. Allowability of exemption u/s 10(23C)(vi) - Allegatin that, assessee Society has continued to divert its funds towards non-educational activities by way of huge advances...

  10. Exemption u/s 10(23C)(iiiad) – computation of limit of ₹ 1 crores - sale proceeds of land and bonds cannot be equated to annual receipts as stated u/s 10(23C) - HC

  11. The High Court dismissed the petition seeking refund of Input Tax Credit (ITC) accrued under the Value Added Tax (VAT) regime upon transition to the Goods and Services...

  12. Alignment of the time limit for furnishing the form for accumulation of income and tax audit report - Trust or institution under the first regime or second regime has to...

  13. Doctrine of promissory estoppel - Tax Incentive scheme during the sales tax regime to be continued under VAT regime or not - State Government directed to issue...

  14. Doctrine of promissory estoppel - Continuity of exemption after migration from sales tax regime to VAT regime - tax holiday of ten years - KST to KVAT - exemption from...

  15. The proposal introduces provisions to rationalize the merger of trusts or institutions approved/registered under charitable trust regimes. When such entities merge,...

 

Quick Updates:Latest Updates