Hello all,
For AY 2019-20, I am filing ITR-7 for Trust. Trust has received Rs. 1344887 as Corpus fund donation. As per section 11(1) this should not be included in Total income but in govt utility it is included in Total income and tax is calculated on the same.
As per section 11(1), income in form of voluntary contribution made with a specific direction that they shall form part of the corpus of the trust , shall not be included in the total income of the previous year of the person in receipt.
Please clarify why this income is getting taxed for AY 2019-20.
Thanks.
CAclubindia
