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Form 10 Trust

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Abhay salunkhe

86 Points Posted on 15 September 2023

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)

Quick Summary

This discussion addresses the tax implications for a newly incorporated trust registered under sections 12A and 80G. The user is seeking guidance on whether to file Form 10 for funds invested in an FD and how to handle the interest income received. The core issue revolves around the proper application and utilisation of donations received versus investment, and the subsequent tax liabilities.

sabyasachi mukherjee

Profession

19974 Points Posted on 16 September 2023

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

Abhay salunkhe

86 Points Posted on 16 September 2023

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.