FCS Deepak Pratap Singh
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CASE NO.1 Unique Estates Development Co. Ltd Vs. DCIT (Income Tax Appellate Tribunal, Mumbai) ITA No. 4598/Mum/2019 | 22-03-2021 SUB: INCOME FROM UNSOLD FLATS SHALL BE TREATED AS BUSINESS INCOME OF THE DEVELOPER AND NO INCOME FROM HOUSE PROPERTY ON THE BASIS OF ANNUAL LETTING VALUE OR NO
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FAQ :
Income from unsold flats that are considered stock-in-trade for a developer or builder should be assessed as business income, not as income from house property based on annual letting value.
A new charitable trust must apply for registration at least one month before the commencement of the previous year relevant to the assessment year from which exemption is sought. For AY 2022-23, this meant applying by 28th February 2021.
Provisional registration for a charitable trust is valid for three years, starting from the beginning of the assessment year for which the registration is initially sought.
A public trust can apply for final registration at least six months before the provisional registration expires or within six months of commencing its activities, whichever is earlier.
The Principal Commissioner or Commissioner is responsible for granting approval for the registration of a charitable trust, typically within one month from the end of the month in which the application is made.
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