Charitable trust accrued interest exemption.

Krishna (Assistant) (623 Points)

26 September 2023

If a trust earned accrued interest on deposits but not received in the bank account. Is that interest taxable for the trust? Since that interest not actually received in the bank trust cannot apply it towards objects of the trust.

Interest income is shown on 26AS.

Reply
Follow
Share

2 Replies

sabyasachi mukherjee (22788 Points)
Replied 26 September 2023

Accrued interest is not exempted

Krishna (Assistant) (623 Points)
Replied 26 September 2023

Then it is taxable for the trust during the year of accrual ? Or taxable when the interest actually received & does not apply towards objects of the trust ?