banner_ad

Delayed return of trust

Tax queries 169 views 1 replies

Hi All A trust is filing return for AY 18-19 now. Due to death of the accountant the return was delayed. Will it get the benefit of application of Income?

Gross receipts 600000

Less: 15% allowed to be accumulated 90000

Less: spent for charitable purposes 490000

net Income 20000

 

What will be the taxable income in this case? will it get the slab rate?

Replies (1)
Gross Receipts from property held under Trust [including voluntary donation*]  xxx
Less: 15% Ad-hoc Deduction (It will be given in every case)  xxx   
Less: Expenditure towards the main purpose of such Trust xxx  
Total Income  xxx    

Now tax would be calculated on such total income. The tax rate on Trusts would be same as on Individuals. 

[*This shall not include donation towards Corpus. Any Voluntary Donation towards Corpus of Trust shall always be Exempt.]


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details