Tax Incidence on Trusts
This query is : Open
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??
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
When 85% of income is not utilised, the same shall be taxed at the maximum rate of tax
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?
26 June 2011
No slab It is direct 30%+3%.
For trust applying 85% of income for charitable trust No income tax
For trust applying 85% of income for charitable trust No income tax
28 June 2011
Thank You Sir for your prompt reply.
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