01 June 2020
Dear Experts, I have filed a return for a trust and now notice u/s 143 (1) was sent showing a variance that the Amount applied during the Previous Year-Revenue Account and Amount accumulated or set apart for application to charitable or religious purposes or for the stated objects of the trust/institution to the extend it does not exceed 15 percent of income derived from property held in trust/institution u/s 11(1)(a)/11(1)(b) or in terms of third proviso to section 10(23C) being disallowed. As per the notice, tax is levied on the Aggregate Income during the PY without considering any expenses. We have been approved u/s 80G(5)(vi) and 12AA. Can anyone suggest me what to do?
CAclubindia
