Exercise of option u/s 11(1)
This query is : Resolved
26 June 2011
If the trust exercised the option under section 11(1) of income tax act, 1961 to claim exemption and accordingly, form 10B is filed duly signed by auditors with income tax along with return of income. Is it necessary to file further letter to income tax for declaration regarding application of income during six months after the end of previous year. If not filed such letter what are the repercussions?
27 June 2011
yes it is necessary to file the decaration before Income tax authorities
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