22 November 2013
A Charitable trust have derived Rs.5 crores as Income from a business activity. How much is the taxable amount? Will the whole Rs.5 crores will be taxable?
22 November 2013
depends on the nature of the activities. if it is a trust with " advancement of any other object of general public utility" then it shall be taxable.
If not, as long as you are able to utilize the 85% of the income for charitable activities, you will continue to remain tax exempted.
23 November 2013
If income from business is incidental to main object or object is advancement of gen public utility then upto 25 lakhs no tax and 85% should be applied towards attainment of objects
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