Taxation of trust
This query is : Resolved
18 March 2015
hello all I want to ask whether 15 percent of allowable surplus is calculated on gross income or net income I hv filed retn of my client takg exemption of allowable surplus on gross income but recd inti from dept .thy raised demand calculating exemption on net income
18 March 2015
It is based on gross donations and net income from incidental business/activities.
The application of income for charitable purpose should 85% of gross income.
The application of income for charitable purpose should 85% of gross income.
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