Income of a charitable trust

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JAYAKUMAR.M.G

JAYAKUMAR.M.G (Querist)
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18 July 2012 Sir
Pls clarify inrespect of a Charitable trust who got regn u/s 12A,they are running a college, the receipt of Caution deposit and other similar receipts wil constitute part of Income of the assesee for filing IT return.My doubt is whether all receipts to be shown as income or revenue receipts alone constitute income.

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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19 July 2012 caution money is refundable money
so it does not partake the character of income

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JAYAKUMAR.M.G

JAYAKUMAR.M.G (Querist)
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23 July 2012 Sir
Can you explain whether the income as per receipts and payments or Income and expenditure to be considered for calculating the 85 % applied for charitable purpose. Kindly give some illustrations
RGDS

CA.Sourabh Sethia

CA.Sourabh Sethia (Expert)
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23 July 2012 for Considering Gross Receipts
Receipt & Payment A/c will be Considered
but will exclude
Receipt forming part of Corpus
or Receipt which are for any reason not to be included in the Gross Receipts

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