Form 10 b

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Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2014 How trust can be registered with the main objective of promotion of education and other charitable purposes under section 12aa if it carrying on a business of insurance agents, is it possible?
During making its audit report u/s 12a how to show income spent for charitable Or religious purpose.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 May 2014 it is allowed under present income tax act ....

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 May 2014 registration is one part. if later on the trust is doing only insurance agency business, it could lose its exemption

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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05 May 2014 exemption wont be lost in prev FY the income from such business does not exceed RS40 lakhs.

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