Hey,
As an adult, one of the most challenging acts is filing taxes. Details about different types of taxes are mentioned in Acts and their bylaws. Here, I will be sharing details about section 11 of the Income Tax Act. I have conducted research on the section. Take a look below to know everything I learned.
What is section 11 of Income Tax Act ?Section 11 has details about an exemption for income derived from property that is held under trust wholly for charitable or religious purposes. This income is applied for both charitable and religious purposes in India.
Under the Central Government Act, Section 11(1)(c)(i) in The Income- Tax Act, 1995 was chartered for charitable purposes. Further, sec 11 of the income tax act discusses income earned from property held under trust. It mentions details about exemptions under this law as well. For income earned from trust property, it needs to be held under an obligation.
To further help you understand, you should know the meaning of charity under this act. Charity can be one of the following :
1) relief of the poor2) education
3) yoga
4) medical relief
5) preservation of the environment (including watersheds, forests, and wildlife)
6) preservation of monuments or places or objects of artistic or historic interest
7) the advancement of any other object of general public utility:
An example that helped me understand deductions and exemptions under section 11 is comparing it with exemptions under section 80 of the Income Tax Act. This is all from my end on section 11 of Income Tax Act.
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What is section 11 of income tax act ?
Neelam
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2022-04-07T19:07:02+00:00 2022-04-07T19:07:10+00:00Comment
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