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Basic Exemption limit for Trust

29 October 2023

Is basic exemption limit of rs 2,50,000/- available for trust,NGOs who are claiming exemption under section 11/12 no longer available ? is there any amendment regarding this. I am facing the issue while filing ITR 7 of trust.

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2 Replies

sabyasachi mukherjee (27825 Points)
Replied 30 October 2023

Sec 12AA OF THE TRUST ACT IS VERY PETTINENT.

dada Nagdeve (17 Points)
Replied 08 November 2023

Registered trust under section 12A can avail basic exemption limit ₹2.5L, can claim exemption u/s 11/12, and file ITR-7, however if the trust is not registered then they should file ITR-5 without claiming exemption u/s 11/12. There is a strong possibility that case will be chosen for scrutiny if unregistered trust keeps continuing claiming exemption u/s 11/12.

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