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Trust assessement
Hi!
There is a NGO incorporated, as a trust, a year earlier. It received some donation for a specific purpose but somehow it failed to spend it. it is not registered U/s 12 of Income Tax Act. it wants to file ITR for Ay 2014-15. Whether it need to pay tax on said donation or there is any way to get exemption. since the donation is as it is lying in the bank account of the NGO.
Replies (3)
Yes it can exemption, refer sec 11(2) of income tax act.
If assesee spcifies in written notice to the AO.
That such donation received for specidic purpose and same not applied in same FY.(which can be applied in 5 yrs) and donation money deposited in specifirled manner specified in sec 11(5). Which also include deposited in scheduled bank.
But trust is not registered ,so it cannot get exemption.
Thanks Raman,
I forgot to mention some thing that the total receipts are below 2,00,000/-. since its a NGO share of members are not defined in the trust deed.
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