charitable trust under income tax act,1961
TRANSCRIPT
S.N. CONTENT SECTION
1. Charitable purpose 2(15)2. Income from CHARITABLE
TRUST11
3. Registration of trust 12A4. Procedure of Registration 12AA5. Forfeiture of exemption.(cases
when exemption is not available)
13
6. Income of Political parties 13A7. Income of a electoral trust 13B
DEFINITION OF CHARITABLE PURPOSE INCLUDE……….
1.RELIEF TO POOR
2.EDUCATION
3.MEDICAL RELIEF
4.ANY OTHER OBJECT OF PUBLIC UTILITY
Sec. Nature of income Exemption allowed
11(1)
(a)
Income from property held under
trust wholly for charitable or
religious purposes in India
If—(A) income is applied OR deem to be
applied to such charitable or religious
purposes .
(B) Such 15% income is set apart for
application to such purposes .
11(1)
(c)
Income from property held under trust
for charitable purposes outside India
If—the trust promotes INTERNATIONAL
WELFARE in which INDIA IS
INTERESTED
11(1)
(d)
Income in the form of voluntary
contributions received with a specific
direction that they shall form part of
the corpus (principal part of fund) of
the trust or institution.
100% exemption.
NOTES- Contributions received without such specific direction are deemed to be
income from property held under trust…
TAX SAVING
?
Within 6 months, On receipt of an app. For reg. The Chief CIT/CIT shall call for documents & informationTo satisfied himself about the activities of trust
.. If commissioner found that trustare not being carried out as per object of trust,
He shall cancel the registration.
1.Income of religious trust not used for public
benefit. [sec.13(1)(a)]]
2.Income of charitable trust created for
benefit for particular religious
community.[sec.13(1)(b)]
3.Income/ property of charitable or religious
trust applied for direct or indirect benefit of
person referred in 13(3) . [sec.(13)(1)(c)].
4.Anonymous donations.[sec.115BBC]
SEC.13
Anonymous donations liable to be taxedat 30%.
If Name & address of donor is not maintained.
But anonymous donation taxable upto--.
Sec.115BBC
Maintains books & other required documentMaintains record of voluntary contributions exceeding 20000.A/cs are audited by a CA.Registered with the Election Commission of India as a political party