For charity

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2015 We are group of friends want to make charity

what is the way to avoid the Income tax

If we open bank account is it required to give PAN No of every one and than file the Income Tax Return

will bank ask for Memorandum of Association / Undertaking

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 June 2015 Form a charitable trust and register it with Income tax authorities by obtaining PAN. Then the donations to the trust is exempted, subject to that you spend 85% for charitable purpose or accumulate it for spending within 5 years.
For opening bank ac PAN of the trust to be given along with rules of trust.

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2015 If we do not want to form trust

Is there any other way out

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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11 June 2015 you could donate to other charitable trust.

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