Tax interest penalty tax exemption under 80g
The tax interest penalty tax exemption under 80g deduction from the income by way of royalty attributable to the peril, which patent had been revoked or the period for which the assessed was excluded as patentee in respect of that patent shall deemed to wrongly allowed and the assessing officer may notwithstanding contained in this act recomputed the total income of the assessed authority for advance rulings tax exemption under 80g for the previous year and make necessary amendment and the provisions of shall for as may apply there to the period of four years specific section, of that section being reckoned from the end of the prevail which such order of the controller referred to in clause of the high court referred to in clause of sub-section as the case may be was passed explanation for the purposes .
12a additional compensation shall have the meaning assignee clause of the explanation to sub-section additional consideration in relation to the transfer of asset the consideration for which was determined or approcentral government or the Reserve Bank of India means defense between the amount of consideration for such enhanced by any court tribunal or other authority and the consideration which would have been payable if such had not been made notice of demand when any tax interest penalty fine or any other sum is consequence of any order passed under this act the assess shall serve upon the assessed a notice of demand in the person specifying the sum, so payable Intimation of when in the course of the assessment of the total income of assessed. It is established that a loss has taken place which assessed have carried forward and set off under provisions.
Tax penalty under 80g
Trust not defined in the Income tax act and hence its meaning is to be understood as given in section of the Indian trust act. A trust is an obligation annexed to the income escaping tax exemption under 80g ownership of property and arising out of a confidence reposed in and accepted by the owner or declared and accepted by him for the benefit of another or of another and the owner Income of a charitable trust is exempt specifically and under general provisions of sections and to get the exemption the trust should be one established as per provisions of law and its objects should fall within the definition of the term charitable purposes definition of income of the trust section voluntary contribution received by a trust created wholly or partly for charitable or religious purposes or by an institution established wholly or partly for such purposes or by an association or institution referred to in clause or or by a fund or trust or institution referred to in sub clause or by any university or other educational institutions referred to in sub clause or Hospital or other institution referred to in sub clause of section or by an electoral trust explanation For the purpose of this sub clause trust includes any other legal obligation income in commercial sense. For the purpose of determining the income of the Trust eligible for exemption under the income arising from property held under trust constitutes the income of the Trust It means income from property business dividends interest on securities or other interest etc.
It will also include donations received by the trust by virtue of the provisions of section. In other words the income for the purpose of section is the income as per the accounts of the trust this situation is confirmed in the registration.