Exemption to charitable trusts

This query is : Resolved

Sachin Sawrikar (Querist)
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14 March 2010 sir, i want to know, whether a charitable trust gets exemption u/s 11 of Income Tax Act, 1961 from the date of its creation or from the date of its application or from the next assessment year.

Example: ABC trust has been created on 1st june 2009. It made application for registration on 1st may 2010 (within 1 yr time limit). CIT grants registration on 31 oct 2010.
Between 1st june 2009 to 31st march 2010, trust got donations of Rs. 16 lakhs.
So on this income whether trust gets any exemption retrospectively from 1st june 2009 (even though it got registered on 31st oct 2010) or it has to pay the tax? What is the effect of section 12 (A) (2) in the above case?

Thank you.
Regards,
Sachin Sawrikar.

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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14 March 2010 The trust should get registration wef1.6.2009 to get exemption.

sivadas chettoor

sivadas chettoor (Expert)
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15 March 2010 If you wish to get registration for the accounting year 2009-10 then you will have to apply before 31-03-10. This is the position after 2007 amendment.

siva208@yahoo.com

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