The document discusses taxation rules for charitable trusts in India. It explains that charitable trusts must be registered under section 12A of the Income Tax Act to receive tax exemptions under sections 11 and 12. It outlines the application process and defines charitable purposes. It also discusses exemption eligibility, filing requirements, audit rules, and sections 80G and 80G that allow donors to receive deductions for donations to registered trusts.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Income Tax Act 1961
Capital Gain, Basis of Charge, Capital Asset U/s 2(14) Income Tax Act, Transactions that do not constitute TRANSFER U/s 47, Types of Capital Assets, Computation of STCG, Computation of LTCG, Tax Exemption for Capital Gain.
Objectives & Agenda :
To understand the assessment of partnership firms. To know the conditions to be satisfied to be assessed as a firm. To understand how partnership firms are assessed in various situations. To gain knowledge with regards to the deductions allowed to partnership firms during assessment.To know how to calculate book profit.
in this presentation , explained about one person company.
it's a new concept which includes some feature of sole trading concern and some features of a company.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
Objectives & Agenda :
To understand the assessment of partnership firms. To know the conditions to be satisfied to be assessed as a firm. To understand how partnership firms are assessed in various situations. To gain knowledge with regards to the deductions allowed to partnership firms during assessment.To know how to calculate book profit.
in this presentation , explained about one person company.
it's a new concept which includes some feature of sole trading concern and some features of a company.
Under Fundamental Concepts of Income Tax Presentation, Important Definitions under Income Tax Act, Residential Status of the assesses & its tax incidence is covered.
What are the practical difficulties faced by NGOs while applying for tax exemptions? What are the caution points to avoid their withdrawal? Why do donors or NGOs need to put internal controls in place? What are the types of fund raising and the checklist that must be answered before accepting a donation? What is funding mix? How to combat the difficulties faced by NGOs during fund raising?
How to prepare budgets and what are the check points that make budgets an effective reporting tool?
Get all your queries answered.
Online 12A Registration and Online 80G Registration - We LegalizeNitin Joshi
Apply for online 12A registration and online 80G registration in Delhi, India. We Legalize is a team of professional legal consultants. We offer 100% free consultancy.
To know the need for registration of trust under the Income Tax Act, 1961. To understand the procedure for registration of trust and to analyse Form 10A (Application for registration). To know the procedure for 80G registration by trusts and to analyse Form 10G (Application for grant of Approval under 80G). Further, the webinar shall touch upon caveats to be kept in mind while filing the Forms.
Crystal Consultancy has been established to cater to the needs of thousands of NGOs all over India and is the only organisation providing various services in respect of 12a and 80g besides ngo services and guidance in the whole of India.
A NGO can benefit salary impose exception by getting itself signed up and granting certain different conventions, yet such registration does not provide any profit to the individuals making gifts. The Earnings Tax Act 1961 has certain procurements which provide tax cuts to the "benefactors". All could as well profit the playing point of these procurements to attract prospective factors. Segment 80g is among such locations. In the event that gets itself signed up under section 80g then the specific or the company making a contribution to the NGO will get a derivation of 50 % from his/its assessable salary. Assuming that a NGO gets signed up under 12a and 80g, then just it is pertinent for any administration financing. A just recently enrolled NGO can also seek 80g enlistment. The accompanying archives required for 80g enlistment.
1. Copy of Registration certification of the NGO and its bye-laws.
2. Copies of Detail of activities because its creation or last 3 years whichever is less.
3. Copies of audited accounts of the institution/NGO since its creation or last 3 years whichever is less.
4.Copy of Pan Card.
5. Information of the members of the NGO.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
2. SYNOPSIS
• Introduction
• Application under Sec 12A
• Charitable Purpose 2(15)
• Exemption u/s 11
• Exemption not available u/s11
• Returns of Charitable Trust & penalty for non filing
• Audit of the Accounts of Charitable Trust
• 80 G Certificate
• Deduction u/s 80G
3. Introduction
• Charitable/Religious Trusts have been exempted from Tax under
ITA, 1961 provided that it must be carrying an activity covered
u/s 2(15) of ITA, 1961.
• The Trust is required to make application for grant of exemption
u/s 12A & 12AA of ITA, 1961.
• The exemption is given u/s 11& 12 of the Act provided trust is
registered u/s 12 A of the Act. If, it is not registered, no exemption
will be allowed.
4. Application under Sec 12A
• Application for registration of Charitable Trust has to be made in duplicate in
Form 10A to the Commissioner/Principal Commissioner along with
following documents
i. Original/Certified copy of the instrument under which trust is created
along with copy thereof or
ii. Original/Certified copy of the document evidencing the creation of
the trust along with one copy thereof
iii. Two copies of accounts of the trust for the latest years.
5. Cont…
• Commissioner may call for other documents/information which is necessary
to satisfy himself about the genuineness of the Activities.
• He may pass an order registering the trust if he satisfy himself objects of the
trust, but if he is not satisfied, he will pass an order refusing to register the
trust.
• An appeal may be filed against refusal of registering the trust to the ITAT.
• He must pass the order registering/refusing to register before expiry of 6
months from the end of six month in which application is made. here
is no concept of DEEMED/AUTOMATIC registration if application was
not disposed of within said 6 months.
6. Charitable Activity/Purpose 2(15) defined
• Any relief to the poor
• Medical relief
• Education
• Preservation of environment ( watersheds/forests/wildlife)
• Preservation of monuments of historic nature
• YOGA
• Advancement of any other object of general public utility.
7. Cont…
• Advancement of any other object of general public utility shall not be
charitable purpose if it involves any activity in the nature of trade,
commerce or business for a consideration irrespective of use of the income
from such activity
If the aggregate value of the receipts from such activity exceeds 20%
of gross receipts of the trust in the previous year.
However it continues to be charitable activity provided income from such
activity does not exceeds 20% of total receipts.
8. Exemption u/s 11
• Sec 11(1) : 15% of income is exempted on Ad-hoc basis
• Sec 11(2) : Balance of income is exempted only if it is applied to the purpose to
that extent.
• Income in the form of voluntary contributions made with specific direction it shall
form part of the corpus trust i.e. corpus donations is exempted fully.
Sec 11(2) : Where 85% of the income is not applied to charitable purpose but is
accumulated, such accumulated income will not be included in total income if such
trust intimate to AO for which purpose it is being accumulated & for what period it
is being accumulated that should not exceed 5 years & income so accumulated must
be deposited in 11(5) modes
9. Exemption u/s 11 not available if
• Income for private religious purpose which does not ensure benefit of
general public
• Income for benefit of particular religious community
• Income for the benefit of specified persons such author/trustee/
substantial contributor/relative etc.
• Funds not invested in Specified modes u/s 11(5).
10. Returns of Charitable Trust
• As per Sec 139(4A) Charitable Trust is required to file the return in Form ITR 7
on or before the due date if total income before giving exemption u/s 11 & 12
exceeds the maximum amount not chargeable to tax
• Non filing of Return on or before due date will result in penalty of Rs. 100/- per
day during the period of default.
• When Charitable Trust are required to get audited due date will be 30th of the
Assessment Year, in other cases due date will be 31st July of AY.
• Tax Slab rate as applicable to individual will be applicable to Charitable Trust
except Anonymous Donations.
11. Audit of Charitable Trust
• Where the total income of Charitable Trust before exemption u/s 11& 12
exceeds maximum amount not chargeable to tax, audit is mandatory by the
chartered accountant.
• Audit Report must be in the Form 10B signed by Chartered Accountant.
12. 80 G Certificate to attract Donations
• Charitable Trust can apply for 80G Certificate, for encouraging donors to
donate and get tax exemption, in Form 10G along with following
documents
• Copy of Registration Certificate u/s 12A
• Copy of Accounts for the latest years 1-3 years which are available.
• Copy of Trust Deed and Bye laws.
• Copy of PAN of Trust.
13. Deduction u/s 80G
• Deduction is not allowed when donated outside India to charitable Trust.
• Only few funds are available to 100% deduction, rest are allowed to 50% of
the mount donated
• Donation is restricted to the 10% of Adjusted Total Income.
• Cash Donation exceeding Rs. 10000 will not allowed as deduction.
• Donation in kind is not allowed for deduction.
• This deduction is available to everyone including NRI’s.
