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??
CA R SEETHARAMAN
(Expert)
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??
CA R SEETHARAMAN
(Expert)
07 September 2014
Please go through Section 11,12 & 13.
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