Tax liability of trusts
This query is : Resolved
18 January 2015
WHAT WILL BE THE BASIC EXPEMTION LIMIT AVAILABLE TO CHARITABE TRUST?EG.SAY A TRUST DERIVED NET PROFIT OF RS. 400000/- .15 ADHOC DEDUCTION U/S. 11 WILL BE AVAILABLE(ASSUMING TRUST HAS SATISFIED THE CONDITIONS SPECIFIED)BALANCE WILL BE RS. 340000/-TRUST EXPENDED RS. 150000/- ON CHARITABLE PURPOSES. NOW WHAT ABOUT THE BALANCE INCOME OF RS. 190000/-????WILL IT BE ALLOWED UNDER BASIC EXEMPTION LIMIT OF RS. 200000/- FOR AY 13-14???
18 January 2015
No basic exemption is available to the
trust.
trust.
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