Trust
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 August 2014
Hi all
I have a doubt regarding Income Tax filing for a Trust. A trust formed in Feb 2013 and applied for 12AA registration on April 2014 and the application is in process. Now for filing IT for the financial year 2013-14 whether the trust is eligibe for exemption u/s.12 and 13 or Trust has to pay Tax for the donation received after its expenses.
Thanks
I have a doubt regarding Income Tax filing for a Trust. A trust formed in Feb 2013 and applied for 12AA registration on April 2014 and the application is in process. Now for filing IT for the financial year 2013-14 whether the trust is eligibe for exemption u/s.12 and 13 or Trust has to pay Tax for the donation received after its expenses.
Thanks
Nikhil Kaushik
(Expert)
10 August 2014
unless, the registration is sought retrospectively and is granted accordingly, for FY 2013-14, you are not eligible for exemption under 12A.
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