interest on fd for trust entity

This query is : Resolved

(Querist)
Follow

03 August 2018 My client is a Charitable Trust Entity. Its received income from Voluntary Donations and Interest on Fixed Deposits.
While filling ITR-7, I filled amount of Voluntary Donations in the Schedule-VC and Interest Income in Schedule-OS.

Trust is registered u/s 12AA.

Trust have incurred expenses during the year which I have filled in Schedule-ER.

Voluntary Donation and those expenses are exempt Income.

But I am not sure about Income from other sources. Trust have utilized this Interest Income for charitable purpose only. Does this Interest on FD is exempt if fully utilized for charitable purpose only ?

If it is exempt, where i should show it in ITR-7 ? As of now, I am showing Interest Income in Schedule- OS and hence there is Tax Liability on the same.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 August 2018 Yes interest income is exempt if utilised for charitable activities.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 August 2018 Yes interest income is exempt if utilised for charitable activities.

NICKOONJ VANANI

NICKOONJ VANANI

(Querist)
Follow

03 August 2018 Thanks sir,

But as i have said, i have entered details in ITR-7 and its counting Tax on Interest Income.

Can you guide me sir where to show it in ITR-7 ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 August 2018 Fill it in part B TI 3.....

Message likes : 1 times

NICKOONJ VANANI

NICKOONJ VANANI

(Querist)
Follow

03 August 2018 Part B of which Schedule ?
Sorry sir, but I couldnt understand. Pardon me.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 August 2018 TI Total income schedule.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now