Assessment of trust

Tax queries 692 views 1 replies

1)A trust has applied for registration in Oct 2016 and till now the registration has not been granted. Can it be presumed that the registration has been granted as on April 2017 as 6 months will be expired from the date of registration?

2)The same trust has collected anonymous donations in the FY 2015-16 in cash below Rs.20,000/- from various persons. Should the same be treated as income and pay tax on the same (as registration was applied only in Oct 2016)

3) Can the anonymous donation be treated as Corpus Fund?

Replies (1)

if u have 80 g certificate then only donation received by u is subject to deduction 

and u have received funds so better to filyed balance sheet 

 Surplus funds on 31 march carried over to Balance Sheet corpus fund 
Trust Funds or Corpus  :-
   Balance as per last Balance Sheet
   Add : Trust Fund contribution during 
             the year

 


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