Income tax on donations of trust
This query is : Resolved
CA RaviKumar
(Querist)
08 December 2014
Hi,
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.
Thanking you
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.
Thanking you
CA R SEETHARAMAN
(Expert)
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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CA RaviKumar
(Querist)
08 December 2014
Any Specific format for declaration to AO.
08 December 2014
Form 10 of the IT Rules,1962 should be used.
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CA RaviKumar
(Querist)
10 December 2014
can U just mail me the form in which declaration should be submitted to ITO or any format ..my mail id is ca.ravikumarreddy@gmail.com
CA R SEETHARAMAN
(Expert)
10 December 2014
Please visit the link.
https://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/10.pdf
https://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/10.pdf
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