Taxability of donation of charitable trust
pradnya (student) (74 Points)
16 February 2016
plz tell me treatment of charitable trust having charity box collection & abhishek receipts
CA GOKUL RAJ R
(Chartered Accountant)
(151 Points)
Replied 16 February 2016
In case, the charitable trust having 12A registration, then atleast 85% of the funds to be applied for the purpose of charity for claiming tax exemption.
pradnya
(student)
(74 Points)
Replied 16 February 2016
whether such receipts included in donation received or exempt
CA GOKUL RAJ R
(Chartered Accountant)
(151 Points)
Replied 16 February 2016
Anonymous donation is taxable at the rate of Maximum mariginal rate. other than that, all receipts are exempt in case of charitable trust which has 12A registration subject to the conditions u/s 11 of income tax act.
Thanks
CAclubindia
