Guide to .. Tax Management ,Tax Planning and Tax Saving
 

CONTENT : Assessment of Trust

 

1. 'Charitable Trusts' - Meaning & About

  1. Purpose Behind Formation of Trusts

  2. Forms of Charitable and Religious Institutions:

  3. What is ‘Charitable Purpose’ for Income Tax Purposes ?  [ Section 2(15)]

  4. Laws Applicable to Charitable Institutions / Trusts

  5. Provisions Relating to Anonymous Donations & Gifts [ Section 115BBC ]

2. Formation of a 'Charitable & Religious Trust'

  1. Meaning of a ‘Trust’ ?

  2. Types of Trusts

  3. Constitution of Charitable and Religious Trust

  4. Requisites for Creation of a Trust

  5. Conditions for Creation of a Trust

  6. Who may Create Trust?

  7. Who may be a Trustee?

  8. Beneficiary Under Trust

  9. Creation of a Public Charitable or Religious Trust

Assessment of Charitable or Religious Trust

3. Registration of Trust [Section 12A(1)]

  1. Need for Registration of A “Charitable & Religious Trust”.

  2. Types of Registrations of A “Charitable & Religious Trust”

  3. Procedure for Registration of Trust or Institution [Section 12AA]

4. Procedure for Registration of Trust or Institution [Section 12AA]

  1. Steps to be taken by the Principal Commissioner or Commissioner towards Registration of a Trust or Institution [Section 12AA(1)]

  2. Order Granting or Refusing Registration should be passed within Six Months [Section 12AA(2)]

  3. Commissioner empowered to Cancel Registration of Charitable and Religious Trusts under Section 12AA [Section 12AA(3) & (4)]

5. Essential Conditions for Exemption of Income under Section 11 in case of Charitable or Religious Trust

6. Exempted Incomes of Charitable or Religious Trust (Section 11)

  1. Income from Property held under Trust wholly for Charitable or Religious Purposes [Section 11(1)(a)]:

  2. Income from Property held under Trust which is applied in Part only for Charitable or Religious Purposes [Section 11(1)(b)]:

  3. Income from Property held under Trust which is applied for Charitable Purposes Outside India [Section 11(1)(c)]:

  4. Voluntary Contributions forming part of Corpus [Section 11(1)(d)]:

  • Summarised Table of Exempt income in case of Charitable or Religious Trust

  • How to find out Exemption of Income in case of Charitable or Religious Trust under Section 11

  • How to find out Exemption of Income in case of Charitable or Religious Trust under Section 11

7. Forms or Modes for Investing Funds of Charitable and Religious Trusts and Institutions [Section 11(5)]

  1. Forms or Modes of Investment of Funds by Trusts [Section 11(5)]

  2. Fund not Invested by Trusts in Section 11(5)

    EXCEPTION - In the cases given below, Exemption is Not Forfeited even if funds are invested otherwise than in the Modes specified in section 11(5):

8. 'Application of Income' by Charitable or Religious Trust [Section 11(1)]

  1. Application of Income [Section 11(1)]

  2. When Application of Income falls Short of 85% of Income -

  3. Excess Application in an earlier year may be Set Off against next year's income:

9. 'Accumulation of Income' by Charitable or Religious Trust [Section 11(2)]

  1. Accumulation of Income [Section 11(2)]

  2. Accumulation of income in excess of 15% of the income earned [Section 11(2) and Rule 17]

  3. Consequences if such Accumulated Income in excess of 15% is not Applied / Invested in the prescribed manner [Section 11(3)]:

10. 'Voluntary Contribution' received by Trust - Tax Treatment

  1. Voluntary Contribution with a specific direction that they shall form part of the Corpus of the Trust or Institution:

  2. Voluntary Contributions not being contributions made with a specific direction that they shall form part of the Corpus of the Trust / Institution:

11. Taxation of Anonymous Donations received by Trust (Section 115BBC)

  1. What is Anonymous Donations received by Trust [Section 115BBC(3)]

  2. Special Rate of Tax in case of Anonymous Donations received by Trust [Section 115BBC(1)]

    1. Institutions Liable to pay Tax on Anonymous Donations [Section 115BBC(1)]

    2. Institutions Not Liable to pay Tax on Anonymous Donations [Section 115BBC(2)] -

    3. Tax on the Total Income of the Trust which include Anonymous Donation also :

  3. When Commercial Receipts exceeds Rs. 25,00,000 the specified threshold [Sec. 13(8)] -

12. Tax Treatment of Capital Gain in case of Charitable Trusts

Cases where income from Capital Gain shall be Deemed to have been applied for Charitable Purposes [Section 11(1A)]:

  1. Transfer of Capital Asset held under Trust Wholly for Charitable or Religious Purposes Section 11(1A)(a):

  2. Transfer of Capital Asset held under Trust in Part only for Charitable or Religious Purposes [Section 11(1A)(b)]:

13. Forfeiture of Exemption of Incomes of Charitable / Religious Trusts / Institutions by virtue of Section-13

  1. Any part of Income of Trusts for Private Religious Purposes - which does not enure for the benefit of the public [Section 13(1)(a)].

  2. Income of Trusts establised on or after 1.4.1962 for the Benefit of particular Religious Community or Caste [Section 13(1)(b)] -

  3. Income of Trusts for the Benefit of Interested Persons referred to in sub-section 13(3) [ Section 13(1)(c)]

  4. Fund not Invested by Trusts in Section 11(5)

  5. EXCEPTION - In the cases given below, Exemption is Not Forfeited even if funds are invested otherwise than in the Modes specified in section 11(5): [Section 13(1)(d)]

  6. Charitable Trusts not to lose Exemption if Educational or Medical Facilities provided to Specified Persons [Section 13(6)]:

14. Tax treatment of Public Charitable/Religious Trust

  1. Levy of Tax at Maximum Marginal Rate (MMR) in case of Public Charitable and Religious Trusts which Forfeit Tax Exemption -

  2. Levy of Tax at the Maximum Marginal Rate (MMR) where a Charitable Trust Ceases to Exist or Converts into a Non-Charitable Entity [Section 115TD] -

15. Income of Certain Funds of National Importance, Educational Institutions and Medical Institutions Exempt from Tax [Section 10(23C) and Rules 2C and 2CA]

16. Levy of Tax where the Charitable Institution Ceases to Exist or Converts into a Non-Charitable Organization (Section 115TD)

  1. Accreted income of Trust or Institution to be Taxed at the Maximum Marginal Rate (MMR) in certain cases [Section 115TD(1)]:

  2. Meaning of Accreted Income in case of Charitable Trust [Section 115TD(2)]:

  3. When the Trust or an Institution shall be deemed to have been Converted into any Form not eligible for Registration under Section 12AA [Section 115TD(3)]:

  4. Tax on the Accreted Income to be payable even if no Income-tax is payable on Total Income of the Trust or Institution [Section 115TD(4)]:

  5. Time Limit for Payment of Tax on Accreted Income [Section 115TD(5)]:

  6. Credit of Tax Paid on Accreted Income Not Available [Section 115TD(6)]:

  7. Deduction under any Other Provisions of the Act not Allowed in respect of Income Charged or the Tax Paid as per Section 115TD(1) [Section 115TD(7)]:

  8. Interest Payable for Non-Payment of Tax by Trust or Institution [Section 115TE]

  9. When Trust or Institution is deemed to be Assessee in Default [Section 115TF]

17. Tax on Accreted Income of Charitable Trust or Institutions (Section 115TD)

  1. Accreted income of Trust or Institution to be Taxed at the Maximum Marginal Rate (MMR) in certain cases [Section 115TD(1)]:

  2. Meaning of Accreted Income in case of Charitable Trust [Section 115TD(2)]:

  3. When the Trust or an Institution shall be deemed to have been Converted into any Form not eligible for Registration under Section 12AA [Section 115TD(3)]:

  4. Tax on the Accreted Income to be payable even if no Income-tax is payable on Total Income of the Trust or Institution [Section 115TD(4)]:

  5. Time Limit for Payment of Tax on Accreted Income [Section 115TD(5)]:

  6. Credit of Tax Paid on Accreted Income Not Available [Section 115TD(6)]:

  7. Deduction under any Other Provisions of the Act not Allowed in respect of Income Charged or the Tax Paid as per Section 115TD(1) [Section 115TD(7)]:

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