As we know that 85% of gross income should be atleast utilised for charitable purpose and excess utilisation is showed in form 10 B seperately.but if income is utilised less than 85% than how should i show this in form 10B.
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Replies (2)
Excess/short utilization is not required to disclose in Form 10B. If short utilization then trust has to pay tax after considering basic exemption limit.
Disclosure have to made is
If any amount is not received by the trust
If trust is decided to setapart any amount for future utilization.
sorry i dint get ur point clearly...could you plz explain it.
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