In a major decision of the Income Tax Department the registration of six trust of the Tata Group has been cancelled by the Department. Tata group is one of the largest industrial group.
And by cancelling the six trust of the group the Income Tax Department the registration of six trusts of the Tata group. The Income Tax Department has also issued an order in this regard.
As per the order issued, the department has canceled the registration of six trusts including Jamshedji Tata Trust, RD Tata Trust, Tata Education Trust, Tata Social Welfare Trust, Public Service Trust and Nawazbhai Ratan Tata Trust.
The same Tata group has said that in 2015 all the trusts had decided that they would return their registration. With this, they will not take any income tax concession in the name of the trust.
However the trust will continue its philanthropic work as before. We will take the legal option, as the cancellation is now effective. On this the Income Tax Department had decided to re-evaluate these trusts.
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