Dear friends,
1) A trust has a income from voluntary contribution of Rs. 24000 from their two members which become part of corpus fund and trust is not registered under section 12A.
2) Trust has a charitable expenses of Rs. 29000 during the year.
I want to know that:
1) whether voluntary contribution is taxable?
2) if taxable, then basic exemption limit can be considered for such income?
3) whether charitable expenses of trust can be adjusted against such voluntary contribution?
please reply....
CAclubindia
