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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Assessee is charitable Trust under Bombay Public trust Act, having charitable objects in operation since last 15 years. Trust has immovable property as asset and also investment in Fixed deposits out of Funds created for specific purpose . The trustees have decided to convert the same in to Sec. 8 of the Companies Act, with Guarantee. a. whether there are any tax implication under Income tax Act 1961 on such conversion. b. whether any stamp duty is required to be paid.
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Assessee is charitable trust having object of having Goshala, construction of Hostel for Girls, Meditation center and research center etc. and also constructed a temple in premises. The trust is having registration u/sec. 12AA and recognition u/Sec. 80 G of the Income Tax. On the land own by the trust, it had developed a shopping complex and with the permission of Charity commissioner has decided to sale the shops for the purpose of using the funds for construction of cow sheds and meditation center as well as Bhojanshala etc. Till the time the sale proceeds from sale of shops are…
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Sir, A NPO registered u/s 12A filed return of income for AY 2020-21 belatedly though tax audit report was filed within due date. Exemption was denied u/s 143(1) by CPC, kindly elucidate follow up action to be taken.
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Respected sir, A charitable trust regd u/s 12A failed to file audit report in form 10B before the due date for filing tax audit report. However it filed tax audit report before filing return of income and filed return within due date for filing ITR. 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 .…
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Assessee is a charitable trust duly registered u/s 12A of the Act. Assessment for A.Y 2015-16 was completed u/s 143(3) of the Act in October, 2017 by assessing the income in the hands of the assessee as charitable trust which is registered u/s 12A of the Act. Registration u/s 12A was cancelled in May, 2018 on the ground that the trust had indulged in illegal activities by accepting capitation fees and therefore the trust is sham or bogus, disregarding the fact that the trust is involved in educational activities and also accepted by the department in past since its inception…
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Dear Sir, A charitable trust registered under section 12A(a) of the Act. The Society has been allotted land by DDA for the purpose of charitable activities. Now, the Society rented out part building to Limited Companies and the said rent receipts were spent on renovation/construction of the said building. Can the Society claim exemption under section 11 of the Act? Please clarify.
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Charitable Trust – Adjustment of loss in Covid-2019 from deemed income u/s.11(3)