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Audit report u/s 12a

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(Querist)
04 January 2013 Sir,
What is the Relevent of 15% and 25% in case of Audit of Trust
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
06 January 2013 15% is used in reference to the part of the income derived from the trust property which can be accumulated or set apart. 85% of such income has to be applied for the purpose or objectives of the trust
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Prior to 1-4-2003, up to 25% of income could be accumulated and 75% of the Income was required to be applied.
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So you can say what was 25% prior to 1-4-2003 is 15% now.
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As I think, this confusion has arisen while reading the old cases.
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