Get Mobile Updates on Recent Tax Changes. Go AD-FREE with CAclubindia PRO. Subscribe Now!

Form 10 Trust

Efiling 268 views 4 replies

Abhay salunkhe

96 Points Joined March 2022

Hiii

We are in process of filing itr. Our trust is registered u/s 12A and 80G. This is our first year of incorporation.

Please suggest for tax with below figures.

Donation recd- 12L

Application of donation- 1.1L

Invested in FD- 11L

Interest on FD (Income) - 5K

Please advise do i need to file form 10 for this 11L invested amount and do i need to pay tax on 5K interest income.

Thanks

Replies (4)

sabyasachi mukherjee

27922 Points Joined May 2017

Sec 12 A is applicable. proper utilization of donation needs to be checked.

Thanks for your reply. 1.1L is distributed. And the rest of amount invested in fd. What is the next procedure for this scenario and what about the 5k interest? In this scenario do I need to pay taxes on that 5k interest or full fd(11L+5k) or full amount i have to add in with fd and file the form 10, then this all amount get accumulated or what should I do, please suggest.