under section 11
This query is : Resolved
02 September 2010
what is the meaning of income u/s 11 for calculating 85% income in case of charitable trust. as this trust is also a sec 25 co. and we have calculated tax according income tax act and mat so which income is to be considered?
03 September 2010
U/s 11 Income is
1. The Property from which income is derived should be held under a trust or other legal obligation
2. The property should be held wholly for charitable purposes
3. The exemption is confined to only such portion of the trust's income which is applied to charitable or religious purposes in india
4. Voluntary Contribution or donation
1. The Property from which income is derived should be held under a trust or other legal obligation
2. The property should be held wholly for charitable purposes
3. The exemption is confined to only such portion of the trust's income which is applied to charitable or religious purposes in india
4. Voluntary Contribution or donation
02 August 2023
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