Good evening members ❗
Need ur favour regarding trust topic.
Suppose, Ek trust ki income 10lac h usme se 15% ad-hoc deduction mil gya, remaining 85% ie 8.5 lac me se trust ne 7 lac applied kr diya, remaining 1.5 lac pr tax slab 2.5 lac ka benefit milega ya ni ya is income ko set a part krna mandatory h❓
As per current law no need to set a part but in my office, my boss is doing so.
R they doing correct treatment ❓
Menu
Trust (set a part mandatory or not)
Replies (1)
Is the trust registered under 12A ?
Trust (regd) has to spend minimum85% on object of the trust , if not then set apart the balance amount and carry forward for future 5 years. Balance means 100% minus say 70% spent then 30% to be carried forward.
If unregistered then income taxable @ MMR 31.20%
Trust (regd) has to spend minimum85% on object of the trust , if not then set apart the balance amount and carry forward for future 5 years. Balance means 100% minus say 70% spent then 30% to be carried forward.
If unregistered then income taxable @ MMR 31.20%
Recent Topic
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
- Professional advance taxes
- Surrender pan process
- Tds on deceased's pan
- Exempt income declaration schedule EI in ITR2 (AY2
- Mold cost invoice in GST return
- WhatsApp document sharing: Client sends Aadhaar, P
- GST Registration Cancelled for Non-Filing Returns
Related Topics
CAclubindia
