Rates of tax
This query is : Resolved
Rakesh Sharma
(Querist)
17 December 2014
A Registered Trust is running a School having gross receipt of Rs. 10,30,150.00 for the period from April-14 to Nov-14 & the same shall be crossed Rs. 15 Lacs mark upto 31-03-2014. One of my friend told me that we have to expense above 90% of gross receipt to avoid Income tax.
Sir, let me know (1) If we expense 85% of gross receipt. (2) If we expense above 90% of gross receipt.
I request to experts please advise me, its very urgent.
Thanks.
Sir, let me know (1) If we expense 85% of gross receipt. (2) If we expense above 90% of gross receipt.
I request to experts please advise me, its very urgent.
Thanks.
CA R SEETHARAMAN
(Expert)
17 December 2014
If you expense 85% of gross receipt you are exempted from income tax provided your trust is registered under section 12AA of income tax.
Rupesh Jain
(Expert)
17 December 2014
ITS 85% OF GROSS RECEIPTS FOR TRUST REGISTERED U/S 12AA OF INCOME TAX.
17 December 2014
agreed with seetharam's view///////////////
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