Hello,
Is it mandatory to obtian a registration of Charitable Trust U/s 12A of IT Act....?
What are the Tax Implications and other implications, if any Charitable Trust don't obtain it...?
Menu
Registration of Turst Under Section 12A
Replies (1)
If you registered under 12AA of the income tax act 1961 , you will get lots of benefits under section 11 and 12 of the Income tax act , such as As per said section if Trust spends more than or equal to 85% of receipts towards , its objects in India then there is no tax on Balance 15% .
If you are not registers under 12AA of the Income tax act 1961 , the Trust will be assesses as AOP / BOI (Association of Persons) and will not get any benefits even though you spend 85% of your receipts , The Income Will be Taxable at Maximum marginal rate (MMR)
please confirm with others also.
Recent Topics :
- Query on FCTRS
- APPLICABILITY AND BREAKDOWN OF GST COMPLIANCE ON S
- Advance for supply of goods
- Question for members: how do you manage client doc
- Clarification Required on Invoicing and Receipt of
- SEBI Registered VS NSDL Registered RTA
- Income tax or capital gain tax for Resident Indivi
- PCIT-1 Thane Email address
- CA Fees deduction for non audit case allowed?
- 5th Letter PAN Mismatch with Surname issues still
Related Topics :
CAclubindia
