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Basic Exemption limit for Trust
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.
Replies (2)
Quick Summary
Sec 12AA OF THE TRUST ACT IS VERY PETTINENT.
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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