During the P.Y.2020-21, HelpAid Charitable Trust registered under section 12AA received donations of ` 80 lakhs, out of which ` 10 lakhs were corpus donations and ` 20 lakhs were anonymous donations. The trust applied ` 40 lakhs towards its objects during the P.Y.2020-21. The tax liability of the trust for A.Y.2021-22 will be?
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Trust taxability .
Replies (1)
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Tax on Anonymous Donations: ₹4,80,000
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Tax on Balance Income: The shortfall in application of funds (and potentially the unapplied portion of the ₹70 lakhs) will be taxed at applicable slab rates for an AOP (or Maximum Marginal Rate if conditions for exemption are fully violated).
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