This article deals with Charitable/Religious trust/institution which is not registered under Section 12AA/12AB of the Income Tax Act, 1961 (“the Act”). Also, it does not cover any trust/institution referred to in clause (23C) of section 10 of the Act. 1. Definition of Charitable/Religious Activity First, we have to ascertain whether the trust activity falls under […]

This article deals with deduction or allowance under Income Tax Act, 1961 (“ITA”) for Pre-operative Expenses/preliminary Expenses. 1. What are Pre-operative Expenses/preliminary Expenses? A business may incur many expenditures before it starts.  These costs can be called as Start-up costs which consists of preliminary expenses incurred in establishing a legal entity such as legal and […]