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BUSINESS AND CHARITABLE TRUSTS - BUDGET 2015

Tax in General + Budget + Finance Acts - By: - CS Swati Dodhi - Dated:- 3-3-2015 - BUSINESS AND CHARITABLE TRUSTS Provisions of section 11 relating to accumulation of Income by charitable trusts and institutions Under the provisions of section 11 of .....

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India. Where such income cannot be applied during the previous year, it has to be accumulated and applied for such purposes in accordance with various conditions provided in the section. While 15% of the income can be accumulated indefinitely by the .....

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is invested or deposited in the specified forms or modes. If the accumulated income is not applied in accordance with these conditions, then such income is deemed to be taxable income of the trust or institution. In order to remove the ambiguity reg .....

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rn of income specified under section 139 of the Act for the fund or institution. In case the Form 10 is not submitted before this date, then the benefit of accumulation would not be available and such income would be taxable at the applicable rate. F .....

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pose in the Income-tax Act The activity of Yoga is proposed to be included as a specific category in the definition of charitable purpose on the lines of education. It is proposed to amend the definition of charitable purpose to provide that the adva .....

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