Tax Incidence on Trusts

This query is : Open

Abhijit Gupta (Querist)
Follow

25 June 2011 What is procedure of calculating the taxable income of a trust?What will be the impact of not applying 85% of its income on charitable purposes and accumulating the same??

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

25 June 2011 For accumulation of income you have to apply to the concerned A Officer in advance.

When 85% of income is not utilised, the same shall be taxed at the maximum rate of tax

Abhijit Gupta

Abhijit Gupta (Querist)
Follow

25 June 2011 What will be the slab of income tax rates in case of Trusts? And if the trust applies 85% of income then on the rest of the income,at what rate tax will be charged?

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

26 June 2011 No slab It is direct 30%+3%.

For trust applying 85% of income for charitable trust No income tax

Abhijit Gupta

Abhijit Gupta (Querist)
Follow

28 June 2011 Thank You Sir for your prompt reply.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Dhananjay Singh

Hmr Babu

Mikilesh Shah

CA Jyoti Singh

Phani

Subscribe Now

Tax Incidence on Trusts

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

CA Final

Article Assistant

GST CONSULTANT

Manager- Finance and Compliance