Income tax on donations of trust

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CA RaviKumar (Querist)
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08 December 2014 Hi,

One of my client ( A Trust) reg U/s 12AA has received 6 lakhs as donations and utilised only 80000 out of it in the previous year. how to claim exemption of remaining 520000 also. Trust usually provides Education facilities to needy.

Thanking you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 December 2014 The general provision is that if the 85% could not be applied by the end of the previous year, then it can still be applied in the next previous year, but BEFORE the due date for filing the tax returns. If it is not likely that this will be possible, then the specific declaration to the AO has to be filed.

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CA RaviKumar

CA RaviKumar (Querist)
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08 December 2014 Any Specific format for declaration to AO.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 December 2014 Form 10 of the IT Rules,1962 should be used.

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CA RaviKumar

CA RaviKumar (Querist)
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10 December 2014 can U just mail me the form in which declaration should be submitted to ITO or any format ..my mail id is ca.ravikumarreddy@gmail.com

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2014 Please visit the link.

http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/10.pdf

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