corpus fund
This query is : Resolved
23 August 2010
respected members
What is corpus fund?
how the corpus fund can be created?
what are the benifits of corpus fund?
what is the aim of creating corpus fund?
What is corpus fund?
how the corpus fund can be created?
what are the benifits of corpus fund?
what is the aim of creating corpus fund?
23 August 2010
Special character fund is called corpus fund.
Voluntary contributions for a specific purpose received will be created as corpus fund.
Corpus fund will be fully exempted from income tax under section 11(d) of the Income tax Act,1961.
Aim is to utilize the fund according to the specific direction of the donor.
Voluntary contributions for a specific purpose received will be created as corpus fund.
Corpus fund will be fully exempted from income tax under section 11(d) of the Income tax Act,1961.
Aim is to utilize the fund according to the specific direction of the donor.
24 August 2010
Corpus Fund is that fund which is never expended i.e. it is retained in the Trust Fund forever.
The concept of creating Corpus Fund is to maintain funds in the Trust so that it can run its activities for an indefinite period.
Whenever a trust is created; there is no intention that its activities would be closed after some years.
To run such activities for a very long period; some permanent funds are required.
In simple language that is called Corpus Fund.
The principle behind corpus is alike introduction of Capital in the business.
Since on capital there is no income-tax hence the same concept is followed when Corpus is received in the Trust and no Income Tax is levied.
The concept of creating Corpus Fund is to maintain funds in the Trust so that it can run its activities for an indefinite period.
Whenever a trust is created; there is no intention that its activities would be closed after some years.
To run such activities for a very long period; some permanent funds are required.
In simple language that is called Corpus Fund.
The principle behind corpus is alike introduction of Capital in the business.
Since on capital there is no income-tax hence the same concept is followed when Corpus is received in the Trust and no Income Tax is levied.
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