Orissa State AIDS Control Society has been notified under section 10(46)

Orissa State AIDS Control Society has been notified under section 10(46) of income tax act. Now Grants aid received and interest earned thereon to the said society shall be exempt under section 10(46) subject to the fulfillment of all of the below mentioned conditions :-

(a) the Orissa State AIDS Control Society does NOT engage in any commercial activity;
(b) the activities and the nature of the specified income remain unchanged throughout the financial year; and
(c) Must files the return of income under section 139(4C) of the Income-tax Act, 1961.

Refer Notification 04/2014

Taxation of ‘ AIF ‘ non-charitable trusts in the hand of trustees

CBDT clarify that if the trust deed does not specify the name of investors and their beneficial interest, then entire income of the Alternative Investment Funds shall become liable to be taxed at the Maximum Marginal Rate of income -tax in the hands of the trustees of such AIF’s in their capacity as ‘Representative Assessee’.

It is also clarified that in such cases, No assessment of same income shall be conduct in the hands of investor by invoking section 166, since the corresponding income has already been taxed in the hands of the ‘Representative Assessee’ under section 164(1) of the Act. Continue reading