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
As the trust is not registered under income tax they can't claim expenses as applied for charitable purpose.
No surcharge applicable.
No surcharge applicable.
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