TRUST very urgent, PLEASE ANSWER
This query is : Open
AMIT AGRAWAL
(Querist)
17 March 2011
SIR jai shree krishan
i have CREATED A TRUST 7 YEAR BACK AND SINCE INCEPTION Trust has RECEIVED CORPUS DONATION FROM CHATITABLE TRUST REGISTRED U/S 12A APPR Rs. 18 LACS TILL THE F. Y. 2009.10. AND Trust APPLIED FOR REGISTRATION U/S 12A ON AUGUST 2010, and get registered u/s 12A wef 01.04.10 NOW A.O WANT TO TAXES Rs. 18 LACS AS INCOME. PLEASE TELL ME WHAT IS THE TRAETEMENT Of THIS. can Ao is right is his action and what is the remidy
i have CREATED A TRUST 7 YEAR BACK AND SINCE INCEPTION Trust has RECEIVED CORPUS DONATION FROM CHATITABLE TRUST REGISTRED U/S 12A APPR Rs. 18 LACS TILL THE F. Y. 2009.10. AND Trust APPLIED FOR REGISTRATION U/S 12A ON AUGUST 2010, and get registered u/s 12A wef 01.04.10 NOW A.O WANT TO TAXES Rs. 18 LACS AS INCOME. PLEASE TELL ME WHAT IS THE TRAETEMENT Of THIS. can Ao is right is his action and what is the remidy
ARUN KUMAR
(Expert)
18 March 2011
THE INTENTION IS ABSOLUTELY WRONG, THE RECEIPTS IS CORPUS NATURE WHICH IS NOT A PART OF INCOME
FURTHER DETAIL ARE AS UNDER
Corpus donations
U/s. 11(1)(d), voluntary contributions with specific direction that they shall form part of the corpus of the trust are not includible in the total income of the trust. However, u/s 12 other voluntary contributions would be deemed to be income of the trust.
FURTHER DETAIL ARE AS UNDER
Corpus donations
U/s. 11(1)(d), voluntary contributions with specific direction that they shall form part of the corpus of the trust are not includible in the total income of the trust. However, u/s 12 other voluntary contributions would be deemed to be income of the trust.
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