Charitable Trusts
Latest news, explainers and analysis on Charitable Trusts. Tracking 2 stories on Arth Vani.
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Latest on Charitable Trusts
ITAT Delhi Examines Timeliness for Section 11 Exemption for Trusts
The Income Tax Appellate Tribunal (ITAT) Delhi has recently analyzed the crucial issue of whether charitable and religious trusts can claim Section 11 tax exemptions if their Income Tax Returns (ITRs) are filed belatedly. This examination highlights the ongoing importance of timely compliance for organizations seeking tax benefits under the Income Tax Act. The specific details of the ruling were not available in the provided source material.
Tax Liability for Trusts, Political Parties Nearly Triples to ₹1,043 Cr
Entities filing ITR-7, which include charitable trusts, universities, and political parties, saw their total income tax liability jump from ₹356 crore in Assessment Year (AY) 2021-22 to ₹1,043 crore in AY 2025-26. This nearly threefold increase over five years signals growing financial obligations for these significant institutions.
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