interest on fd for trust entity
This query is : Resolved
NICKOONJ VANANI
(Querist)
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.
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
(Expert)
03 August 2018
Yes interest income is exempt if utilised for charitable activities.
CA R SEETHARAMAN
(Expert)
03 August 2018
Yes interest income is exempt if utilised for charitable activities.
NICKOONJ VANANI
(Querist)
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 ?
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
(Expert)
03 August 2018
Fill it in part B TI 3.....
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NICKOONJ VANANI
(Querist)
03 August 2018
Part B of which Schedule ?
Sorry sir, but I couldnt understand. Pardon me.
Sorry sir, but I couldnt understand. Pardon me.
CA R SEETHARAMAN
(Expert)
03 August 2018
TI Total income schedule.
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