19 March 2012
A trust regisrtred u/s 12A not yet staeted his business, trust receive grant from govt same was deposit as FD, receive int on FDRs Rs 4198000 on amount deposit with schedule bank, NOT having any other income, amount of interest is deposit with schedule bank specified us 11(5). my question is 1} what is the tax liability of trust. 2] how can trust get exemption. thanks
21 March 2012
If the trust is meant to carry on business tax is payable. otherwise no liability but:
The Trust should file IT return and submit the form for getting the extension of time limit for application of the income of the year to that of nex year/years.
CAclubindia
