26 April 2017
Is there any tax liability for a Charitable Trust which is not registered u/s 12A in following cases.
1. Its total receipts are more than minimum taxable limit lets say 5,00,000, however its net income after deducting expenses is less than minimum taxable limit 2,13,000.
2. Its total receipts are more than minimum taxable limit 8,00,000, and its net income after deducting expenses is also more than minimum taxable limit 3,30,000.
3. What If there is only corpus fund donation.
Please answer in all above three situation seprately with relevant provision of IT Act,1961.
If Income Tax wil be applicable than what will be the rate of income tax.
26 April 2017
1 Gross receipts is taxable no expenses on charitable activity allowed. 2 Gross receipts taxable. 3 Corpus donation also taxable.
If the trust is not registered , exemption u/s 11 or 12 can not be claimed and the tax will be taxed in terms of section 164(2) as AOP on the normal tax rate and n maximum marginal tax rate if the income is of nature referred in clause (c) or clause (d) of sub-section (1) of section 13.
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