Registration of a charitable trust u/s 12a(a) of the it act
This query is : Resolved
19 September 2013
KIND ATTN. SIR
OUR ASSESSEE BEING A REGISTERED TRUST APPLIED FOR REGISTRATION U/S 12A (a) OF THE INCOME TAX ACT.DURING THE HEARING WITH IT ASSESSING OFFICER, HE HAS POINTED OUT THE FOLLOWING REMARKS AND THE SAME SHOULD BE AMENDED IN A SUPPLEMENTARY DEED (AS REGISTERED SUPPLEMENTARY DEED) :
1. THE OPERATION OF TRUST SHOULD BE CONFINED TO INDIA ONLY( FOR WHICH IN THE TRUST DEED WE HAVE MENTIONED AS FUND ESTABLISHMENT IN INDIA )
2. IRREVOCABLE CLAUSE
3. INVESTMENT OF MONEY AS PER THE MODES MENTIONED U/S11(5)( IN THE DEED WE HAVE MENTIONED AS INVESTMENT ALLOWABLE IN LAW)
4.To publish books, magazines, charts, issue related IEC (Information, Education and Communication) materials and other periodical illustration for generating the income for the trust for the benefit of its aims- SHOULD BE AMENDED AS WITHOUT THE WORD GENERATION OF INCOME , SINCE IT IS CONTRARY U/S 2(15) .
BUT U/S 2(15)COMMERCIAL ACTIVITY IS ALLOWABLE UPTO RS.25 LAKHS AS PER THE AMENDMENT WEF AY2009-10.
KINDLY CLARIFY . SINCE AFORESAID AMENDMENTS ARE NEEDED TO CONFIRM THE REGISTRATION U/S 12A(a) OF THE ACT AS PER IT ASSESSING OFFICER.
WITH REGARDS
CA.P.SHANGAR
OUR ASSESSEE BEING A REGISTERED TRUST APPLIED FOR REGISTRATION U/S 12A (a) OF THE INCOME TAX ACT.DURING THE HEARING WITH IT ASSESSING OFFICER, HE HAS POINTED OUT THE FOLLOWING REMARKS AND THE SAME SHOULD BE AMENDED IN A SUPPLEMENTARY DEED (AS REGISTERED SUPPLEMENTARY DEED) :
1. THE OPERATION OF TRUST SHOULD BE CONFINED TO INDIA ONLY( FOR WHICH IN THE TRUST DEED WE HAVE MENTIONED AS FUND ESTABLISHMENT IN INDIA )
2. IRREVOCABLE CLAUSE
3. INVESTMENT OF MONEY AS PER THE MODES MENTIONED U/S11(5)( IN THE DEED WE HAVE MENTIONED AS INVESTMENT ALLOWABLE IN LAW)
4.To publish books, magazines, charts, issue related IEC (Information, Education and Communication) materials and other periodical illustration for generating the income for the trust for the benefit of its aims- SHOULD BE AMENDED AS WITHOUT THE WORD GENERATION OF INCOME , SINCE IT IS CONTRARY U/S 2(15) .
BUT U/S 2(15)COMMERCIAL ACTIVITY IS ALLOWABLE UPTO RS.25 LAKHS AS PER THE AMENDMENT WEF AY2009-10.
KINDLY CLARIFY . SINCE AFORESAID AMENDMENTS ARE NEEDED TO CONFIRM THE REGISTRATION U/S 12A(a) OF THE ACT AS PER IT ASSESSING OFFICER.
WITH REGARDS
CA.P.SHANGAR
21 September 2013
Shangar Sahab,
No harm in amending the deed for the above stated clauses.
with regards to clause 4, if u believe that AO is wrong, you may amend to state "generating the income for the trust for the benefit of its aim subject to compliance with Section 2(15) of the Income Tax Act 1961"
No harm in amending the deed for the above stated clauses.
with regards to clause 4, if u believe that AO is wrong, you may amend to state "generating the income for the trust for the benefit of its aim subject to compliance with Section 2(15) of the Income Tax Act 1961"
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