While going through the definition of Charitable Purpose, in case of trust, for claiming the exemption from tax for the AY 2012-13, the Total Receipts from any activity in nature of trade, commerce or business, or any activity of rendering service in relation to any trade, commerce or business should not exceed25 lacs i.e. from AY 2012-13 (earlier 10 lacs). Whether FDR intt. to be included in total receipts or not? if FDR(s) are from the funds of business.
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Fdr intt. to include in the limit of Rs. 25 lacs for trust?
Replies (3)
FDR int is not from charitable lane, so its business activity
Dear U S Sharma,
Please, can you clarify it little more??
As per income tax act, 25 lakh is a limit for trust involve in advancement of other general public activities and from such activities if gross receipts exceeds 10 lakh(25 laxh now) durring previous fy then such exemption will not available.
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