Trust income tax exemption limit
This query is : Resolved
17 December 2023
Dear experts
Trust had disallowed Rs 3 lakhs since corpus donation to another Trust. But this amount of Rs 3 lakhs had adjusted against 15% allowed accumulation automatically by ITR 7. Even CPC disallows this amount of Rs 3 lakhs, after adjustment exemption limit of Rs 2.50 lakhs, only Rs 50,000 will be determined as taxable income.
Kindly advice is this correct
Trust had disallowed Rs 3 lakhs since corpus donation to another Trust. But this amount of Rs 3 lakhs had adjusted against 15% allowed accumulation automatically by ITR 7. Even CPC disallows this amount of Rs 3 lakhs, after adjustment exemption limit of Rs 2.50 lakhs, only Rs 50,000 will be determined as taxable income.
Kindly advice is this correct
15 January 2024
3L of exemption will be added back to the income shown in the books and accordingly as per slap Income Tax Needs to be paid
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