Income of trust

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Vasanta (Querist)
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12 December 2014 Hi.

In case of Trust, the total income was Rs.56,54,468 and applied income is Rs. 52,73,681/- which is more than the 85% of total income, the balance of Rs. 380987 can the trust get an exemption u/s Sec 11.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 December 2014 If you applied 85% of the total income your total income is exempted. Don't worry about the balance you can accumulate it and spend it whenever required.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 December 2014 firstly how applied income is more then total income? is it partially from prev year accumulations

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 December 2014 Applied income is less than the total income but it is more than 85% of the total income, that is the legal requirement for exemption.

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