Trust

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SHAILESH GUPTA (Querist)
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05 January 2014 If a religious trust recd. rs. 10 lacs as donation and out of these only 2 lacs has been applied as expenses then remaining 8 lacs will be taxable or not and this trust is registered under 12AA

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 January 2014 refer to explanation to section 11(2) of the income tax act. if you exercise for the option provided therein before the time allowed for filing of income tax return under 139(1), the said income wont be taxed in the current year.

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