Exemption u/s 11(1)(d) Corpus Donations to Charitable Religious Trust

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..... 1) The Trust was created on 26-12-2013 as per PAN. 2) Application for its registration with Office of the Charity Commissioner Mumbai was made in Jan 2013. The registration was granted on 15-04-2013. 3) Application for exemption certificate u/s 12 AA was made on 15-10-2013 and the registration approval was received on 21-04-2014 making the registration effective from 15-10-2013. 4) Return o .....

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..... f Income for the A.Y. 2013-14 was filed on 31-03-2014 claiming exemption of corpus donations of ₹ 82 Lakhs. By intimation u/s 143(1) the exemption was denied because registration was not received upto 31-03-14 and corpus donations were fully taxed. Point of Issue a) Is the trust eligible for exemption for A.Y. 2013-14 u/s 12A(1)(aa) for regis .....

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..... tration which is effective from 15-10-13; If not b) Is the Trust eligible for exemption u/s 12A(2) read with First Proviso which provides that i) The exemption is available w.e.f. 1st day of April 2014 or ii) The exemption will also be applicable to A.Y. 2013-14 if a ssessment proceedings for A.Y. 13- 14 are pending before the Assessing Officer as on the date of such re .....

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..... gistration. iii) Can it be said that as on the date of such registration assessment proceedings for A.Y. 2013-14 were pending particularly when the Return of Income was filed only on 31-03-14 - Exemption u/s 11(1)(d) Corpus Donations to Charitable Religious Trust - Query Started By: - LALIT MUNOYAT Dated:- 3-4-2015 Income Tax - Income Tax - Discussion Forum - Knowledge Sharing, reply .....

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..... post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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