sec 2(15) of income tax act defines charitable purpose. i am having doubt whether a trust can do a business , the gross receipts of which is less than 10 lacs and the same can be claimed as charitable purpose
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Charitable purpose
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a Trust can do business, but it will not be entitled to exemption u/s 11 & 12 and you can not calimed any income as being charitable at your discretion...
It will be taxed saperately...
Depends on what type of trust u have...if the trust is falling within the sixth limb of the sec 2(15)i.e. advancement of any other object of general public uility then limit of doing business is revised to 25 lakh from current P.Y. but if any other limb of sec 2(15) then also the business income is exempt under sec 11(4) & (4A) subject to fulfillement of certain conditions
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