Trust Registration and Tax Rate – Income Tax Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, exemption under section 11. The term religious purpose is not defined under the Income-Tax Act. However, Section 2(15) of the Act defines “charitable […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Disallowance of bad debts in case of running account with the party is justified Citation of the Case:- Amar Enterprise vs. ITO (ITAT Ahmedabad), Income tax (Appeal) no. 2520 of 2011, Date of Judgment: 05/06/2015 Brief of the Case ITAT Ahmedabad held In the case of Amar Enterprise vs. ITO that in the present case, […]
Govt not to intervene to monetize gold held by charitable/religious institutions Press Information Bureau Government of India Ministry of Finance 04-December-2015 17:14 IST Clarification on Media Reports on Gold Monetization Scheme Some sections of the media have reported that Government will directly intervene to monetize the gold held by charitable, religious and other institutions. It […]
E-Sahyog Project; Aims at Reducing Compliance Cost, Especially for Small Taxpayers The Government has launched ‘E-Sahyog’ project on a pilot basis. It is aimed at reducing compliance cost, especially for small taxpayers. The objective of ‘e-Sahyog’ is to provide an online mechanism to resolve any mismatch or discrepancy in information as per Income-tax return of […]
No Penalty on Tax Audit Report Obtained on last day of due date Chopra Properties Vs ACIT (ITAT Delhi), ITA No. 6199/Del/2013, Date of Pronouncement : 21.10.2015 Brief facts of the case are that the assessee is a partnership firm filed its return of income on 30th March, 2009 showing total income of Rs. 58,57,760/- […]