TAXATION OF EDUCATIONAL TRUST
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 November 2010
AN EDUCATIONAL TRUST NOT REGISTERED WITH INCOMETAX DEPT.U/S 12 OF THE INCOME TAX ACT AND IS GROSS RECEIPTS IS MORE THAN 1.00 CRORE,WHILE GROSS RECEIPTS CONSTISTS RECEIPTS ON A/C OF GOVT. GRANTS TO THE TUNE OF APP. 45% OF THE TOTAL GROSS RECEIPTS. THEN IN SUCH IS CASE ACCORDING SEC. 10(23C)CONDITIONS WHETHER SURPLUS IN THE BOOKS IS LIABLE FOR INCOME TAX?
REMEMBEER I AM NOT ASKING DEDUCTION U/S 11 OR 12,WHERE PRIOR CONDITION IS OF 12A REGISTRATION OF THE SOCIETY BUT UNDER SEC 10(23C). KINDLY ALSO REMEMBER SOCITETY IS PURELY EDUCATIONAL AND NO OTHER ACTIVITY IS CARRIED OUT.
REMEMBEER I AM NOT ASKING DEDUCTION U/S 11 OR 12,WHERE PRIOR CONDITION IS OF 12A REGISTRATION OF THE SOCIETY BUT UNDER SEC 10(23C). KINDLY ALSO REMEMBER SOCITETY IS PURELY EDUCATIONAL AND NO OTHER ACTIVITY IS CARRIED OUT.
CA.Madhusudan B.P.
(Expert)
05 November 2010
It is simple IF THE INCOME TAX DEPARTMENT HAS NOT GRANTED ANY EXEMPTION YOU CANNOT TAKE THE BENEFIT U/S 10.
Even U/s 10(23C) also makes reference in various sub-section & explanation to make an application to Prescribed authority (Chief Commissioner or Director General of Income Tax)
Make an application to the authority & get the benefit under the Income Tax Act 1961
Even U/s 10(23C) also makes reference in various sub-section & explanation to make an application to Prescribed authority (Chief Commissioner or Director General of Income Tax)
Make an application to the authority & get the benefit under the Income Tax Act 1961
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- Advances to related party
- LLP audit and disclosure
- Form 144 TDS Return Validation error
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Form 144 TDS Return Validation Error – Mandatory Fields
- GSTR9 Annual Return
- Applicability of tax on invoice
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
