If a trust regd u/s 12AA fails to file return of income in due date or files a belated return, whether the exemption of 85% of income under section 11 will be available or not?
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Exemption u/s 11 applicability for trusts if roi not filed
Replies (1)
Hey Anand, Yes the exemption u/s 11 n 12 will still be available. The only penalty for this is as per section 272A which provides if a charitable trust fails to furnish the return within the time allowed then it shall pay by way of penalty a sum of Rs.100 per day for everyday during which failure continues (i.e. for period between the expiry of due date till the belated return is filled). Regards.
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