Income tax liability for trust reg u/ 12a ,80g
This query is : Resolved
15 November 2013
Greetings,
Sir,
Does a Trust holding 12a Certificate and 80G certificate ,and who has completed Audit,Is liable to pay Tax? ...If yes Wat is the Limit of Exemption?.
Please Provide me with the Informaation ASAP.
Regards
Sir,
Does a Trust holding 12a Certificate and 80G certificate ,and who has completed Audit,Is liable to pay Tax? ...If yes Wat is the Limit of Exemption?.
Please Provide me with the Informaation ASAP.
Regards
15 November 2013
Dear Deepak, 80G is irrelevant. To avoid any tax liability, the trust is required to spend atleast 85% of its receipts during the year for charitable purposes subject to conditions set in Section 11 of the income tax Act
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20 November 2013
Thank You so much for reply NIKHIL SIR,
Actually Our Trust has a surplus of around 9lakhs and while filing itr7 online ,it showed a tax liability of around 1.5 lakhs.
so i m worried
Actually Our Trust has a surplus of around 9lakhs and while filing itr7 online ,it showed a tax liability of around 1.5 lakhs.
so i m worried
20 November 2013
two things:
1. if you have utilized less than 85%, you need to apply to AO for utilization of the shortfall in enxt year.
2. if you have already done that, you need to ensure that the ITR7 is properly filled in.
Otherwise it will show tax liability
1. if you have utilized less than 85%, you need to apply to AO for utilization of the shortfall in enxt year.
2. if you have already done that, you need to ensure that the ITR7 is properly filled in.
Otherwise it will show tax liability
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23 November 2013
Thank You Very much Sir,Your Answer is very valuable to me....
Once Again Thank You For your Kind Reply.
Regards
Once Again Thank You For your Kind Reply.
Regards
23 November 2013
you are welcome Deepak.
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