Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2011 The total trust income is 283438.
The application is 276729.
Please tell me about the tax implication.

THEN WHAT WILL BE MY GROSS TOTAL INCOME.
WHAT WILL FILL IN IT RETURN FORM.

CA PRAVIN

CA PRAVIN (Expert)
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08 October 2011 As per section 11 & 12, out of total income, trust should incur 85% for its objects and can accumalate 15%.

In u r case 85%* 283438= 240922/-.
As u have spent 276729/- for its objects. Tax liability is NIL

Querist : Anonymous

Querist : Anonymous (Querist)

08 October 2011 THEN WHAT WILL BE MY GROSS TOTAL INCOME.
WHAT DETAILS I HAVE TO FILL IN THE IT RETURN FORM.

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