Taxation of trust
This query is : Resolved
25 November 2016
A trust not registered as per income tax Act has gross receipts of Rs. 325,000.00 and had utilised and amount equal to 3,00,000.00. So they have a surplus of Rs. 25000.00
Can they claim the expenses of 3 lakhs as "applied for charitable purpose" as per Sec 11(1) even if they are not registered?
Will there be any surcharge on the income (Rs. 25000.00/ 325,000.00) while calculating total tax liability?
Can they claim the expenses of 3 lakhs as "applied for charitable purpose" as per Sec 11(1) even if they are not registered?
Will there be any surcharge on the income (Rs. 25000.00/ 325,000.00) while calculating total tax liability?
25 November 2016
Hi Bijesh,
If the trust is not registered under income tax then it cannot claim benefit of Sec 11.
Warm Regards
Karthik V Kulkarni,ACA
If the trust is not registered under income tax then it cannot claim benefit of Sec 11.
Warm Regards
Karthik V Kulkarni,ACA
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