Respected team, A charitable trust falling under general public utility, originally regd u/s 12A and now granted permanent registration u/s 12AB carried out commercial actitivity in the nature of business during F.Y. 2022-23 . however, it has not maintained seperate books of accounts for business activity. while computing tax liability, business activity and charitable activity to be computed seperately, if so, what is the tax rate for both activity ? whether Tax audit report in form 10BB (as total income exceeds Rs. 5 cr) and also form 3cb,3cd is to be filed ?
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Assessee is a Trust filing return in ITR 7. While filing the ITR 7 for the F.Y. 2021-22 in SCH IE-4 due to oversight assessee missed to fill up the "Amount applied for objective". However, assessee filled up for Gross annual receipts and Balance accumulated in SCH IE-4. Later the assessee received office communication to submit a response u/s 143(1)(a)(ii) We submitted a response. Later the assessee received an intimation order by CPC (treating the amount that we missed to fill up in the "Amount applied for objective ") as Income From Other Sources u/s 143(1) Kindly advise whether this…
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Assessee is Charitable trust registered U/Sec.12 A of the Act and it has received Rs. 5 lakhs on sale of lease hold rights. Trust has invested Rs. 5 lakhs in fixed Deposits for a period more than 12 month. However while filing Return of income assessee has insteade of disclosing under section 11(1A) through oversight has disclosed u/Sec. 11(2). Intimation received U/Sec. 143(1) Assessing income at Rs. 5 lakhs on the ground that assessee has not uploaded form 10 for exercise option u/Sec. 11(2). Assessee Trust has filed rectification u/sec. 154 mentioning the error happened while filling Return of Income…
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Respected Sir, A charitable trust regd u/s 12A failed to file the ITR for AY 2021-22 before the due date for filing of ITR i.e. after 15/03/2022 . However it filed audit report, Form 10B before due date for filing of form 10B. CPC while processing u/s 143(1) has not allowed the entire expenditure as application of income and treated the gross receipts as taxable income and taxed accordingly. In the intimation no reason given for the disallowance. For filing appeal what grounds can be taken and apart from appeal , any other alternative remedy available . Kindly enlighten.
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can a trustee take huge interest free security refundable deposit for use of his land by is charitable trust ?
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Respected team, A trust which was formed in 1955 , provionally registered u/s 12AB filed application for registration u/s 12A(1)(ac)(iii) in form 10 AB with a delay of 10 days . The Pr CIT (exemptions) rejected the application as non maintenable on the ground that application ought to have been filed within six months prior to the expiry of the period of provisional registration . what is the recourse available to the trust , kindly elucidate.
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The issue relates to A. Y. 2021-22 which was Covid-2019 pandemic period. The education institution incurred loss of Rs.2.89 Cr. for the reason that the fees from student reduced substantially while the expenditure on salary allowances continued as usual. The accumulation u/s.11(2) for A.Y. 2015-16 and 2016-17 was utilised to set off the loss arising due to peculiar circumstances. The deemed income u/s. 11(3) to the extent of Rs.2.89 Cr. was considered in the computation of income. The net result of computation was Nil. My question is whether the loss can be adjusted from the deemed income u/s. 11(3).
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Assessee is Charitable trust registered under SEc. 12A since 1998 running educational institution . Search action U/Sec.132 was carried out at the premises of the trust , where in certain documents regarding acceptance of capitation fees were found. on the basis of those documents in the year Registration U/sec.12A was cancelled as per order passed in the month of may 2018 retrospectively w.e.f.A.Y. 2007-08. whehther the action of PCIT of cancellation of registration U/SEc.12A retrospectively is valid?
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Assessee is charitable trust having registration under Bombay Public Trust and U/Sec 12A of the Income Tax. The main object of the trust is of Educational activities. The trust has constructed a building with the support of corpus donations. However could not commenced the Educational activities and therefore given the said property on rental basis to another trust having similar object. Issues : 1. How to offer income from rent for Tax ? Whether it is income from house property or Income by claiming exemption U/sec.. 11 of Income Tax Act. 2. How to maintained books of accounts of mercantile…
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Can CIT denied the registration U/Sec. 12AA of Income Tax on the ground that the Trust has not started it's activities. The objects of the trust are charitable.
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charitable trust carrying on business