One of my client ( A Trust) reg U/s 12AA has received 6 lakhs as donations and utilised only 80000 out of it in the previous year. how to claim exemption of remaining 520000 also. Trust usually provides Education facilities to needy.
08 December 2014
The general provision is that if the 85% could not be applied by the end of the previous year, then it can still be applied in the next previous year, but BEFORE the due date for filing the tax returns. If it is not likely that this will be possible, then the specific declaration to the AO has to be filed.
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