I HAVE TO FILE INCOME TAX RETURN OF TRUST FOR THE YEAR 2009-10. IT HAS PROFIT OF 60LAC CONSISTING OF 48 LAC AS INTREST ON FD.
IT IS RGISTERED U/S 12A . PLEASE GUIDE ME ON THESE METTER HOW TO MINIMISE TAX. TRUST BELONGS TO RELIGIOUS TRUST.
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trust income
Replies (1)
As per Income Tax act any trust has to show 85 % as utilisation. hence on the entire income of Rs. 60lacs 85% ie 51lacs need to be expended that utilisation can even be an investment in Fixed Assets. Hence if it is possible u can show it as an investment in FA.
Regards
Ram.
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