Income of charitable trust
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2015
The Income of a charitable Trust was computed by taking into consideration:
Total receipts as per Income & Expenditure Account ----------- xxx
Less : Application of Income—Total debits of Income & Expenditure Account xxx
Surplus was filed as Return of income
Now the ITO has considered total receipts as Taxable Income without allowing
Any application of Income and demanded tax on the same.
What is the remedy?
Total receipts as per Income & Expenditure Account ----------- xxx
Less : Application of Income—Total debits of Income & Expenditure Account xxx
Surplus was filed as Return of income
Now the ITO has considered total receipts as Taxable Income without allowing
Any application of Income and demanded tax on the same.
What is the remedy?
21 January 2015
If you are a charitable trust registered u/s 12AA of the income tax act your application of income will be allowed.
21 January 2015
Assessing Officer should allow the expenditure on the objects of the trusts irrespective of the fact whether or not you have 12A registration.
21 January 2015
It is not a business expenditure for earning profit which will be allowed by AO. It is application of income/donations on the charitable objects which is allowed only on 12AA registered charitable trusts.
21 January 2015
There are charitable trusts which are not having 12AA registrations.
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