DEAR ALL
This query pertains to a registered Charitable Trust.
For A-Y 2014-15, a newly formed Trust has received a notice u/s/1431a from CPC, B'glore with a demamd of Rs.1,04,400/-. The Trust had received some donation amounting Rs.7,50,000/-. Through oversight the Trust did not made any investment to Development Fund u/s 11(2) before the due date. This was the first year of the trust and the accountant was not aware of the deposit to be made before the due date u/s11(5). On a plain computation the taxable income is below the threshold limit.
Is there any way out to avoid the tax which is such a big amount?
Learned views are solicited
From N. R. Joshi
CAclubindia
