assessment of trusts
This query is : Resolved
16 December 2009
which trust's income is exempt from tax
16 December 2009
Trusts which are registered u/s 12A of the Income Tax Act and formed for wholly charitable or religious purposes in INDIA; then the whole income which is applied or set apart(upto 15% of income) for such purposes are exempt from Income Tax.
Also note that these type of trusts are required to be registered with the Charity Commissioner.
Ca Rakhecha, Surat
Also note that these type of trusts are required to be registered with the Charity Commissioner.
Ca Rakhecha, Surat
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