samkit kothari
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SECTION 11 AND 12 ON INCOME TAX ACT, 1961?
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Gabriella
answered
Sec 11 is a section where trust who is regestered u/s 12A is getting exemption. Under Section 12, all the contributions received by a religious or charitable trust etc is treated(deemed) as income from property of the trust. Check this site: เธเธฒเธเธฒเธฃเนเธฒเธญเธญเธเนเธฅเธเน
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Tax act shall be deemed to be part of the income. Section 12 deals with voluntary contributions other than received with a specific direction that they shall form part
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Anil
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Income from property held for charitable or religious purposes 2.
(1) Subject to the provisions of sections 60 to 63, the following income shall not be included in the total income of the previous year of the person in receipt of the income-
(a) 3 income derived from property held under trust wholly for charitable or religious purposes, to the extent to which such income is applied to such purposes in India; and, where any such income is accumulated or set apart for application to such purposes in India, to the extent to which the income so accumulated or set apart is not in excess of twenty- five per cent of the income from such property;
(b) income derived from property held under trust in part only for such purposes, the trust having been created before the commencement of this Act, to the extent to which such income is applied to such purposes in India; and, where any such income is finally set apart for application to such purposes in India, to the extent to which the income so set apart is not in excess of twenty five per cent of the income from such property;]
(c) income 4 derived] from property held under trust-
(i) created on or after the 1st day of April, 1952 , for a charitable purpose which tends to promote international welfare in which India is interested, to the extent to which such income is applied to such purposes outside India, and
(ii) for charitable or religious purposes, created before the 1st day of April, 1952 , to the extent to which such income is applied to such purposes outside India: Provided that the Board, by general or special order, has directed in either case that it shall not be included in the total income of the person in receipt of such income;
(d) 1 income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution.] 2 Explanation.- For the purposes of clauses (a) and (b),-
(1) in computing the twenty- five per cent of the income which may be accumulated or set apart, any such voluntary contributions as are referred to in section 12 shall be deemed to be part of the income;
(2) if, in the previous year, the income applied to charitable or religious purposes in India falls short of seventy- five per cent of the income derived during that year from property held under trust, or, as the case may be, held under trust in part, by any amount-
(i) for the reason that the whole or any part of the income has not been received during that year, or
(ii) for any other reason, then-
(a) in the case referred to in sub- clause (i), so much of the income applied to such purposes in India during the previous year in which the income is received or during the previous year immediately following as does not exceed the said amount; and
(b) in the case referred to in sub- clause (ii), so much of the income applied to such purposes in India during the previous year immediately following the previous year in which the income was derived as does not exceed the said amount, may, at the option of the person in receipt of the income (such option to be exercised in writing before the expiry of the time allowed under sub- section (1) 3 ] of section 139 4 ] for furnishing the return of income) be deemed to be income applied to such purposes during the previous year in which the income was derived; and the income so deemed to have been applied shall not be taken into account in calculating the amount of income applied to such purposes, in the case referred to in sub- clause (i), during the previous year in which the income is received or during the previous year immediately following, as the case may be, and, in
the case referred to in sub- clause (ii), during the previous year immediately following the previous year in which the income was derived.)
1. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w. e. f. 1- 4- 1989.
2. Substituted by the Taxation Laws (Amendment) Act, 1975, w. e. f. 1- 4- 1976. The Explanation was also substituted by the Finance Act, 1970, w. e. f. 1- 4- 1971
3. The words" or sub- section (2)" omitted by the Direct Tax Laws (Amendment) Act, 1989, w. e. f. 1- 4- 1989.
4. The words", whether fixed originally or on extension", omitted, ibid.
(1A) 1 For the purposes of sub- section (1),-
(a) where a capital asset, being property held under trust wholly for charitable or religious purposes, is transferred and the whole or any part of the net consideration is utilised for acquiring another capital asset to be so held, then, the capital gain arising from the transfer shall be deemed to have been applied to charitable or religious purposes to the extent specified hereunder, namely-
(i) where the whole of the net consideration is utilised in acquiring the new capital asset, the whole of such capital gain;
(ii) where only a part of the net consideration is utilised for acquiring the new capital asset, so much of such capital gain as is equal to the amount, if any, by which the amount so utilised exceeds the cost of the transferred asset;
(b) where a capital asset, being property held under trust in part only for such purposes, is transferred and the whole or any part of the net consideration is utilised for acquiring another capital asset to be so held, then, the appropriate fraction of the capital gain arising from the transfer shall be deemed to have been applied to charitable or religious purposes to the extent specified hereunder, namely:-
(i) where the whole of the net consideration is utilised in acquiring the new capital asset, the whole of the appropriate fraction of such capital gain;
(ii) in any other case, so much of the appropriate fraction of the capital gain as is equal to the amount, if any, by which the appropriate fraction of the amount utilised for acquiring the new asset exceeds the appropriate fraction of the cost of the transferred asset. Explanation.- In this sub- section,-
(i) " appropriate fraction" means the fraction which represents the extent to which the income derived from the capital asset transferred was immediately before such transfer applicable to charitable or religious purposes;
(ii) " cost of the transferred asset" means the aggregate of the cost of acquisition (as ascertained for the purposes of sections 48 and 49) of the capital asset which is the subject of the transfer and the cost of any improvement thereto within the meaning assigned to that expression in sub- clause (b) of clause (1) of section 55;
(iii) " net consideration" means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by any expenditure incurred wholly and exclusively in connection with such transfer.]
1. Inserted by the Finance (No. 2) Act, 1971, w. r. e. f. 1- 4- 1962.
(1B) 1 Where any income in respect of which an option is exercised under clause (2) of the Explanation to sub- section (1) is not applied to charitable or religious purposes in India during the period referred to in sub- clause (a) or, as the case may be, sub- clause (b), of the said clause, then such income shall be deemed to be the income of the person in receipt thereof-
(a) in the case referred to in sub- clause (i) of the said clause, of the previous year immediately following the previous year in which the income was received, or
(b) in the case referred to in sub- clause (ii) of the said clause, of the previous year immediately following the previous year in which the income was derived.]
(2) 2 3 Where seventy- five per cent of the income refer- red to in clause (a) or clause (b) of sub- section (1) read with the Explanation to that sub- section is not applied, or is not deemed to have been applied, to charitable or religious purposes in India during the previous year but is accumulated or set apart, either in whole or in part, for application to such purposes in India, such income so accumulated, or set apart shall not be included in the total income of the previous year of the person in receipt of the income, provided the following conditions are complied with, namely:-] 4 (a) such person specifies, by notice in writing given to the 5 Assessing] Officer in the prescribed manner, the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed ten years;
(b) 6 the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub- section (5):]] 7 Provided that in computing the period of ten years referred to in clause (a), the period during which the income could not be applied for the purpose for which it is so accumulated or set apart, due to an order or injunction of any court, shall be excluded.]
(3) 8 Any income referred to in sub- section (2) which-
(a) is applied to purposes other than charitable or religious purposes as aforesaid or ceases to be accumulated or set apart for application thereto, or
(b) 9 ceases to remain invested or deposited in any of the forms or modes specified in sub- section (5), or]
1. Inserted by the Taxation Laws (Amendment) Act, 1975, w. e. f. 1- 4- 1976.
2. Substituted by the Finance Act, 1970, w. e. f. 1- 4- 1971
3. Substituted by the Taxation Laws (Amendment) Act, 1975, w. e. f. 1- 4- 1976.
5. Substituted for" Income- tax" by the Direct Tax Laws (Amendment) Act, 1987, w. e. f. 1- 4- 1988.
6. Substituted by the Finance Act, 1983, w. e. f. 1- 4- 1983. Earlier, it was amended by the Finance (No. 2) Act, 1977, w. e. f. 1- 4- 1978.
7. Inserted by the Finance Act, 1993, w. r. e. f. 1- 4- 1962.
8. Substituted by the Finance Act, 1970, w. e. f. 1- 4- 1971
9. Substituted by the Finance Act, 1983, w. e. f. 1- 4- 1983.
(c) is not utilised for the purpose for which it is so accumulated or set apart during the period referred to in clause (a) of that sub- section or in the year immediately following the expiry thereof, shall be deemed to be the income of such person of the previous year in which it is so applied or ceases to be so accumulated or set apart or ceases to remain so invested or deposited, or, as the case may be, of the previous year immediately following the expiry of the period aforesaid.]
(3A) 1 Notwithstanding anything contained in sub- section (3), where due to circumstances beyond the control of the person in receipt of the income, any income invested or deposited in accordance with the provisions of clause (b) of sub- section (2) cannot be applied for the purpose for which it was accumulated or set apart, the 2 Assessing] Officer may, on an application made to him in this behalf, allow such person to apply such income for such other charitable or religious purpose in India as is specified in the application by such person and as is in conformity with the objects of the trust; and thereupon the provisions of sub- section (3) shall apply as if the purpose specified by such person in the application under this sub- section were a purpose specified in the notice given to the 3 Assessing] Officer under clause (a) of sub- section (2).]
Chirag
answered
Section 11 and 12 of Income Tax Act 1961
Both section are covered under Income which do not form part of Total Income
Section 11
Section 11 - Tax Exemption
After consider provisions of section 60 to 63, the income of a religious/charitable trust/institutions, to the extent specified in the act, is exempt from tax after fulfill certain conditions. This income does not even form part of the total income.
Section 11 deals with the exemption of income from property held in trust/institution or other legal obligation for religious/charitable purpose wholly or in part.
Income of Trust exempted under Section 11 Section Nature of income Extent to which exemption allowed 11(1)(a) Income derived from property held under trust wholly for charitable or religious purposes To the extent income is applied to such charitable or religious purposes in India. Whereas such income is accumulated or set apart for such application, to the extent of 15% of the income from such property. 11(1)(c) Income derived from property held under trust for a charitable purpose, which tends to promote international welfare in which India is interested To the extent income is applied to such charitable or religious purposes outside India. Exemption is available only if the Board has directed such exemption. 11(1)(d) Income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution. 100% exemption.
Section 12
Section 12 - Voluntary Contributions
--1 Income of trusts or institutions from contributions
--2. Any voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes shall for the purposes of section 11 be deemed to be income derived from property held under trust wholly for charitable or religious purposes and the provisions of that section and section 13 shall apply accordingly.
K S DIXIT commented
almost 4 years ago
very brief
Anil
answered
hiiii
Section 11 of Income Tax Act
Section -11 : Income Exemption under this section are:
โข Any income derived from property held under a trust for charitable or religious purposes to the extent to which it is applied for such purposes in India. If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. Section 11(1)(a)
โข Any income derived from property held under a trust in part for charitable or religious purposes to the extent to which it is applied for such purposes in India., If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. The exemption is available if the trust was created before 1.4.1952. Section 11(1)(b)
โข Any income derived from property held under a trust for charitable purposes to the extent to which it is applied for such purposes outside India provided that it promotes international welfare in which India is interested. Section 11(1)(c)
โข Voluntary contributions received by a trust or an institution towards its corpus. Section 11(1)(d)
โข Voluntary contributions received by a trust created wholly for charitable or religious purposes will be deemed to be the income derived from property held for charitable or religious purposes. Thus, such contributions will be exempt as provided in Section11.
Section 12 of Income Tax Act
Section 12 : Income of trusts or institutions from contributions
โข (1) Any voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes (not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution) shall for the purposes of section 11 be deemed to be income derived from property held under trust wholly for charitable or religious purposes and the provisions of that section and section 13 shall apply accordingly.
โข (2) The value of any services, being medical or educational services, made available by any charitable or religious trust running a hospital or medical institution or an educational institution, to any person referred to in clause (a) or clause (b) or clause (c) or clause (cc) or clause (d) of sub-section (3) of section 13, shall be deemed to be income of such trust or institution derived from property held under trust wholly for charitable or religious purposes during the previous year in which such services are so provided and shall be chargeable to income-tax notwithstanding the provisions of sub-section (1) of section 11.
Ashika
answered
Hello
Section 11 of Income Tax Act
Section -11 : Income Exemption under this section are:
โข Any income derived from property held under a trust for charitable or religious purposes to the extent to which it is applied for such purposes in India. If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. Section 11(1)(a)
โข Any income derived from property held under a trust in part for charitable or religious purposes to the extent to which it is applied for such purposes in India., If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. The exemption is available if the trust was created before 1.4.1952. Section 11(1)(b)
โข Any income derived from property held under a trust for charitable purposes to the extent to which it is applied for such purposes outside India provided that it promotes international welfare in which India is interested. Section 11(1)(c)
โข Voluntary contributions received by a trust or an institution towards its corpus. Section 11(1)(d)
โข Voluntary contributions received by a trust created wholly for charitable or religious purposes will be deemed to be the income derived from property held for charitable or religious purposes. Thus, such contributions will be exempt as provided in Section11.
Section 12 of Income Tax Act
Section 12 : Income of trusts or institutions from contributions
โข (1) Any voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes (not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution) shall for the purposes of section 11 be deemed to be income derived from property held under trust wholly for charitable or religious purposes and the provisions of that section and section 13 shall apply accordingly.
โข (2) The value of any services, being medical or educational services, made available by any charitable or religious trust running a hospital or medical institution or an educational institution, to any person referred to in clause (a) or clause (b) or clause (c) or clause (cc) or clause (d) of sub-section (3) of section 13, shall be deemed to be income of such trust or institution derived from property held under trust wholly for charitable or religious purposes during the previous year in which such services are so provided and shall be chargeable to income-tax notwithstanding the provisions of sub-section (1) of section 11.
veeru
answered
Income of Trust exempted under Section 11 Section Nature of income Extent to which exemption allowed 11(1)(a) Income derived from property held under trust wholly for charitable or religious purposes To the extent income is applied to such charitable or religious purposes in India. Whereas such income is accumulated or set apart for such application, to the extent of 15% of the income from such property. 11(1)(c) Income derived from property held under trust for a charitable purpose, which tends to promote international welfare in which India is interested To the extent income is applied to such charitable or religious purposes outside India. Exemption is available only if the Board has directed such exemption. 11(1)(d) Income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution. 100% exemption.
veeru
answered
Section -11 : Income Exemption under this section are:
โข Any income derived from property held under a trust for charitable or religious purposes to the extent to which it is applied for such purposes in India. If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. Section 11(1)(a)
โข Any income derived from property held under a trust in part for charitable or religious purposes to the extent to which it is applied for such purposes in India., If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. The exemption is available if the trust was created before 1.4.1952. Section 11(1)(b)
โข Any income derived from property held under a trust for charitable purposes to the extent to which it is applied for such purposes outside India provided that it promotes international welfare in which India is interested. Section 11(1)(c)
Jitendra Suthar
answered
Hiiii friend....
**Section 11 of Income Tax Act**
Section -11 : Income Exemption under this section are:
โข Any income derived from property held under a trust for charitable or religious purposes to the extent to which it is applied for such purposes in India. If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. Section 11(1)(a)
โข Any income derived from property held under a trust in part for charitable or religious purposes to the extent to which it is applied for such purposes in India., If such income is set apart or accumulated for such purposes, then if such income does not exceed 25% of the income from the property. The exemption is available if the trust was created before 1.4.1952. Section 11(1)(b)
โข Any income derived from property held under a trust for charitable purposes to the extent to which it is applied for such purposes outside India provided that it promotes international welfare in which India is interested. Section 11(1)(c)
โข Voluntary contributions received by a trust or an institution towards its corpus. Section 11(1)(d)
โข Voluntary contributions received by a trust created wholly for charitable or religious purposes will be deemed to be the income derived from property held for charitable or religious purposes. Thus, such contributions will be exempt as provided in Section11.
**Section 12 of Income Tax Act**
Section 12 : Income of trusts or institutions from contributions
โข (1) Any voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes (not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution) shall for the purposes of section 11 be deemed to be income derived from property held under trust wholly for charitable or religious purposes and the provisions of that section and section 13 shall apply accordingly.
โข (2) The value of any services, being medical or educational services, made available by any charitable or religious trust running a hospital or medical institution or an educational institution, to any person referred to in clause (a) or clause (b) or clause (c) or clause (cc) or clause (d) of sub-section (3) of section 13, shall be deemed to be income of such trust or institution derived from property held under trust wholly for charitable or religious purposes during the previous year in which such services are so provided and shall be chargeable to income-tax notwithstanding the provisions of sub-section (1) of section 11.
Thanks & Regards,
rohit awasthi
answered
Dear Samkit
> Section 11 and 12 of Income Tax Act 1961
Both section are covered under Income which do not form part of Total Income
Section 11
Section 11 - Tax Exemption
After consider provisions of section 60 to 63, the income of a religious/charitable trust/institutions, to the extent specified in the act, is exempt from tax after fulfill certain conditions. This income does not even form part of the total income.
Section 11 deals with the exemption of income from property held in trust/institution or other legal obligation for religious/charitable purpose wholly or in part.
Income of Trust exempted under Section 11 Section Nature of income Extent to which exemption allowed 11(1)(a) Income derived from property held under trust wholly for charitable or religious purposes To the extent income is applied to such charitable or religious purposes in India. Whereas such income is accumulated or set apart for such application, to the extent of 15% of the income from such property. 11(1)(c) Income derived from property held under trust for a charitable purpose, which tends to promote international welfare in which India is interested To the extent income is applied to such charitable or religious purposes outside India. Exemption is available only if the Board has directed such exemption. 11(1)(d) Income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution. 100% exemption.
Section 12
Section 12 - Voluntary Contributions
--1 Income of trusts or institutions from contributions
--2. Any voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes shall for the purposes of section 11 be deemed to be income derived from property held under trust wholly for charitable or religious purposes and the provisions of that section and section 13 shall apply accordingly.
thanks
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