Income of trust
This query is : Resolved
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.
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
(Expert)
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.
12 December 2014
firstly how applied income is more then total income? is it partially from prev year accumulations
CA R SEETHARAMAN
(Expert)
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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