Tax implication on charitable trust
This query is : Resolved
02 September 2014
during the financial year-2012-13, the trust was having a loss of R.11,00,000(approx).
In the financial year-2013-14 the trust has income from its objective around 56,00,000 and has incurred expenditure amounting to Rs.49,10,000 which is more than 85% of total income . So is the remaining amount is taxable or not?? if not then under section we can save tax liability and how??
In the financial year-2013-14 the trust has income from its objective around 56,00,000 and has incurred expenditure amounting to Rs.49,10,000 which is more than 85% of total income . So is the remaining amount is taxable or not?? if not then under section we can save tax liability and how??
02 September 2014
The remaining amount is not taxable. If you spend 85% then there is no tax liability. If the spending is less than 85% you can seek permission for spending the amount within next 5 years.
06 September 2014
thanx for the info and can u tellme under which section i can claim tax relief??
07 September 2014
Please go through Section 11,12 & 13.
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