Dear Sir, I have a charitable institution, and received contribution towards corpus specifically mention amounted to RS 10,00,000. I have not received any voluntary contribution upto the end of financial year except the above and i have no other income also. I am donating Rs 7,90,000 for charitable purpose using corpus fund. Now i am going to file ITR - 7. Kindly consider my query and make me fearless that where i have to show the contribution received towards corpus fund and the expenses (Donation for charitable purpose) made by me. i will grateful to you forever. Thanking you Brahma nanda Agrawal (7059758724)
Read more at: /forum/charitable-trust-346745.asp
Menu
Charitable trust
Replies (1)
Although by virtue of S.11(1)(d) , which says " income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution.", the said sum of 10 Lacs wont be included in the taxable income, but however if the purpose for which the donation was given was not satisfied then there can be issues.
Using the money which was specifically given with direction to use in a certain manner was the intention of the donor and the donar trusted the donee. By not doing so , the institution has breached the trust and hence there will be consequences by virute of Indian Trusts Act, 1882
Donation, in this case , if it was not specifically for further donation tantamounts to breach of trust.
Recent Threads
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
- Transfer Pricing Audit Upload Form 3CEB - Income T
- Only a Few Pages Indexed by Google Despite Sitemap
Related Threads
CAclubindia
