Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
TMI Short Notes
Home TMI Short Notes Income Tax
← Previous Next →

Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

  • Contents
  • Plus+

Dated: 11-8-2017

Manual - Introduction

ICDS would not apply for the purposes of computing exemption u/s 11 to 13 since the computation of exemption is based on the commercial concept of income. However, where such income loses exemption, the computation would be under the various heads of income,and to the extent of such income falling under the heads PGBP and Income from Other Sources, the provisions of ICDS would apply if the books of account are maintained on mercantile system.

However, as per section 11(4A), if the trust or institution carries on business and the business is incidental to the objects of the trust or institution and separate books are maintained in respect of such business, the exemption provisions u/s 11 to 13 would apply. In such a case, the income from business has to be computed on commercial basis and provisions of ICDSs would apply. In such a case the trust would be required to compute its business income in accordance with ICDSs, even though it would be eligible for exemption u/s 11 to 13.

 

 

 

 
 
 
← Previous Next →
 
what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map || ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version