04 February 2021
Dear Expert, my client is running a superannuation fund trust, where in, from FD's, trust earned a interest of around Rs.44lakhs, which will in turn be spent for Welfare of trust members, i.e., Employees, Now my Doubt is, how will the trust be exempted from Income tax for above trust, Because, though it applied to commissioner for Approval of a superannuation fund under fourth schedule to Income tax, it benefits the Employer who contributing to the recognized trust U/s.36 of IT act & Employee as deduction U/s.,80C, how will it benifit trust? And to benifit the trust, my 12AA application was rejected, saying that, its not benificial to general public. Request for Expert Guidance.
CAclubindia
