1. Track the Date of Commencement of Activity The date of commencement of the trust’s activities is a key factor in determining the timeline for filing the registration application. 2. Provisional Registration Before Commencement If the trust has obtained provisional registration before starting its activities, it must file for regular registration within 6 months from…
The amendment to Section 13(3) of the Income Tax Act redefines substantial contribution, impacting how trusts manage transactions with donors to maintain tax exemption under Sections 11 and 12. New Definition of Substantial Contribution A contributor will be classified as a substantial contributor if: Breakdown of the Criteria Exclusion of Relatives and Associated Businesses Previously,…
To simplify compliance for smaller trusts, the government has proposed an amendment to Section 12AB of the Income Tax Act, extending the registration validity from 5 years to 10 years, subject to specific conditions. Eligibility Criteria Key Compliance Changes Renewal Process Effective Date These amendments will take effect from the 1st day of April, 2025.
SEP covers the below-mentioned transactions E-com transaction, E-books, music, video streaming, Online app/software purchase, Online Gaming Service Troubleshooting service Subscription service The Threshold limit recently provided by CBDT for SEP Tax is Aggregate payment for transactions with a person in India exceeds INR 2 crore in a year NR interacts with 3.00 lacs or more…
1. Registration and approval of NGOs is made completely electronic under which a 16 digit URN will be issued 2. Registration is valid for 3 years for provisional cases and 5 years for final registration. 3. Application is under form 10A by existing trusts for renewal and new trusts for provisional registration. Deadline is 30/6/2021…
Sec 199 provides for giving credit only to persons from whose income tax is deducted Now let’s take a case of rental sharing with a co-owner, where the first owner receives full rental after TDS and part 50% with the Co-owner, What amount will the first owner offer as income and claim TDS? Similar situations…
Who is responsible to file Income Tax Returns? If a person dies intestate i.e., without writing a will, the estate left behind by him devolves on his legal heirs If deceased person make a will and an executor is being appointed, then the deceased person’s estate is taxed in the hands of the executor The…