15 September 2019
whether sec 40(a)(ia) is applicability in case Of Trust or not .If Trust Pays Rs 240000/ as Rent to Individual for running cancer centre .Since Trust does not have Income from Business and Other Sources. Trust is subject to audit under 10B
15 September 2019
As per Finance Act, 2018, provisions of Section 40(a)(ia) and 40A(3)/3(A) is applicable for determining the amount of application of income under section 11 (i.e income from the property held for the charitable or religious purposes). It shall apply in the same manner as computing income chargeable under the head "Profits and gains from business or profession".
CAclubindia
