tax on trust
This query is : Resolved
kiran keni
(Querist)
23 July 2009
If a trust is not registered under sec 12A of Income tax Act, having gross receipts of Rs. 3,50,000 and expenses of Rs. 2,50,000 on the objects of trust for the year 2008-2009,
1) is the trust liable to tax under the income tax?
2) if so on what amount ? ie, on net income or gross receipts.
1) is the trust liable to tax under the income tax?
2) if so on what amount ? ie, on net income or gross receipts.
CA.SHAHZAD SAYYED
(Expert)
23 July 2009
Since u did not applied 85% of income for fullfilment of the objects of trust so ur net income shall be taxable
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