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Delayed return of trust

Tax queries 155 views 1 replies

Guest

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)

saurabh sawlani

Self employed

2193 Points Joined March 2018

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.]