Section 35AC
This query is : Resolved
17 November 2010
Hello
I am new to the concept of IT Act. Please advise me with the following query:
A trust is eligible for exemption/deduction u/s 35AC of the IT Act. Now, the trust has received donations for utilising the funds for the eligible schemes. However, it has not incurred any expenditure during the year. How do we treat the funds so received by the Trust?
I am new to the concept of IT Act. Please advise me with the following query:
A trust is eligible for exemption/deduction u/s 35AC of the IT Act. Now, the trust has received donations for utilising the funds for the eligible schemes. However, it has not incurred any expenditure during the year. How do we treat the funds so received by the Trust?
20 November 2010
Sec 35Ac is applicable, when the expenditure is incurred during the previous yrear, in your case deduction will not be applicable.
22 November 2010
Sir,
Thanks for the response. Could you please tell me what would happen to the monies collected by the trust which has not been put to use yet. Will be taxed in anyway?
Thanks for the response. Could you please tell me what would happen to the monies collected by the trust which has not been put to use yet. Will be taxed in anyway?
04 July 2023
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