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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Respected sir, A charitable trust registered u/s 12A(a) of the Act, now carrying on business activity having in excess of 20% of gross receipts wants to forfeit exemption u/s 11 . what is the itr form to be used? taxability is on net receipts (after expenses) or on grosss receipts , what is the rate of tax ? Pl elucidate
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Honorable Experts, Application for registration or provisional registration or intimation or approval or provisional approval u/s 12A/10(23C)/80G/35 Form No.10A for the A.Y. 2022-23 was unable to file before due date i.e. 31/03/2022 due some technical glitches in new I.T. Portal. Hence is there any alternative way to file the form no 10A for the A.Y. 2022-23? Kindly guide me to file the said form for the A.Y. 2022-23. Thank you, MOHAMED ALI, Tax Practitioner.
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The Assessee is a registered trust incorporated for educational and other anciliary objects. The trust for FY 20-21 has accumulated 85% of the income and intends to apply the same in the subsequent years within a period of 5 years. Now, in FY 21-22, the Assessee Trust intends to incur expenditure on repairs and maintenance of a school that forms part of another Trust. The payment will be made by the Assessee trust to the contractor directly, no amount shall be paid by the Assessee trust to the other Trust. The invoice will be raised by the contractor in the…
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Assessee is a charitable trust running a primary school. Assessee trust do not have registration U/sec.12 AA. His consultant has filed the Return of Income by mentioning incorrect number of registration U/sec. 12AA of the Act. Also filed application for registration. His application was rejected by the CIT on the ground of various defects in the financial statement submitted along with ROI and incorrect mentioning of Registration number. Notice u/sec.147 was issued . In response to said notice the assessee trust has filed the Return of Income where in all the errors in earlier Return filed were corrected and since…
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implication of conversion of Charitable trust in to Sec. 8 Co under companies Act