Explain the provisions relating to exemption of incomes of Charitable

Question

Explain the provisions relating to exemption of incomes of Charitable and Religious Trust and a Political Party.

21 Jan 2021

Answer :

Word Count : 729

Incomes of charitable and religious trusts, as well as political parties, are governed by specific provisions under the Income Tax Act, 1961, which provide certain exemptions. These exemptions are aimed at promoting the welfare and development of society through charitable, religious, and political activities.

Exemption for Charitable and Religious Trusts

Under the Income Tax Act, Section 11 and 12 deal with the exemption of income for charitable and religious trusts.

1. Section 11 – Exemption of Income from Property Held for Charitable or Religious Purposes:
Section 11(1) provides that income derived from property held under trust for charitable or religious purposes is exempt from tax, subject to certain conditions. This exemption is available if the property is applied to charitable or religious purposes in India, and the trust is registered under Section 12A or 12AA.

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