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Swati
Teacher
Asked: In:

  1. Vikas Beginner

    If the Trust already has registration u/s 12AA, then it can apply for registration u/s 80G under clause iv of the first proviso to section 80G(5). However, it will have to apply for fresh registration u/s 12AB first for the reason stated in the preceding paragraph.

    If the Trust already has registration u/s 12AA, then it can apply for registration u/s 80G under clause iv of the first proviso to section 80G(5). However, it will have to apply for fresh registration u/s 12AB first for the reason stated in the preceding paragraph.

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Swati
Teacher
Asked: In:

  1. Swati Teacher

    A Trust which does not have registration u/s 12A and 80G of the Act can apply for provisional 12AB and provisional 80G registration. The case will fall in Section 80G(5)(vi) and the clause iv of the first proviso to the said section. The application may be made in Form 10 A with the required enclosuRead more

    A Trust which does not have registration u/s 12A and 80G of the Act can apply for provisional 12AB and provisional 80G registration. The case will fall in Section 80G(5)(vi) and the clause iv of the first proviso to the said section.

    The application may be made in Form 10 A with the required enclosures as stated under Rule 11 AA of Income Tax Rules.

    However, since Sec 80G (5) talks about the registrations to Charitable Trusts established in India whose income is not liable to be included in total income under section 11,12 or clause 23 AA or 23 C of section 10, the first registration granted would be provisional registration u/s 12AB of the Act.

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Vikas
Beginner
Asked: In:

  1. Swati Teacher

    Clause (a) of the Proviso to Section 12A (2) clearly specify that if the existing Trusts / Institutions registered under Section 12A or 12 AA of the Act, apply for fresh registration u/s 12 AB of the Act before 30th June 2021, provisions of Section 11 and 12 shall apply to Trust/ Institution from thRead more

    Clause (a) of the Proviso to Section 12A (2) clearly specify that if the existing Trusts / Institutions registered under Section 12A or 12 AA of the Act, apply for fresh registration u/s 12 AB of the Act before 30th June 2021, provisions of Section 11 and 12 shall apply to Trust/ Institution from the assessment year from which they were granted their earlier registration.

    Section 12A (2) further clarifies that if the said time line of 1 st April to 30th June 2021 is not followed, the provisions of Section 11 and 12 shall apply to Trust/ Institution from the 1 st day of the financial year in which such application is made.

    In short, within time application for fresh registration u/s 12 AB will register the Trust from the date on which it was originally registered u/s 12 A or Sec 12 AA. If the application for registration u/s 12 AB is made late that is after 30/06/2021, the registration u/s 12 AB will be granted for F Y 2021/22 and onwards.

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CA Sanjiv Kumar
Enlightened
Asked: In:

  1. CA Vishnu Ram Enlightened

    Leave encashment at the time of service is fully taxable. Leave encashment at the time of retirement is not taxable for Government Employees. Leve encashment received by the legal hair of deceased employee is fully exempted. But for other employees, an exemption is provided u/s 10(10AA)(ii) as per tRead more

    Leave encashment at the time of service is fully taxable.

    Leave encashment at the time of retirement is not taxable for Government Employees. Leve encashment received by the legal hair of deceased employee is fully exempted.

    But for other employees, an exemption is provided u/s 10(10AA)(ii) as per the below method:

    Leave encashment received 200000
    Average salary* of last 10 months 180000
    Salary per day * Balance of earned leave for service span (Maximum 30 days leave per year for every year of completed service is allowed) 250000
    Amount notified by the Government Rs 3,00,000 aggregate. 3,00,000
    Leave encashment Exemption(Lower of above) 180000

    *Salary means basic salary, dearness allowance, and commission based on a fixed percentage of turnover secured by the employee.

    So the taxable amount is Rs 2,00,000-1,80,000=20,000/-

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Ramesh Sharma
Enlightened
Asked: In:

  1. CA Vishnu Ram Enlightened
    This answer was edited.

    Advance Salary and bonus become taxable in the year of actual receipt on the basis of the tax rates applicable in the year of receipt. However, Assess can claim relief under section 89(1) of the Income Tax Act.

    Advance Salary and bonus become taxable in the year of actual receipt on the basis of the tax rates applicable in the year of receipt. However, Assess can claim relief under section 89(1) of the Income Tax Act.

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