21 July 2012
Dear sir whethertrust carrying charitable and religious purpose should maintain separate books of accounts for charitable and relious expenses and charitable and religious incomes . whether any such point in income tax act or new direct tax code. can you please quote the relevant section also
01 July 2013
Charitable activities means the poor and the people who cannot afford are benefited but in religious activities both are benefited. Charitable trust for only religious activities cannot be allowed exemption. In case a charitable trust is rendering both type of services then two separate account be maintained
CAclubindia
