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Income tax on trust income

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(Querist)
16 June 2015 Can anyone explain me a Taxability of Trust having income of Rs.40,00,000/- ?
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Ankur Singhal

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Ankur Singhal (Expert)
17 June 2015 Is your trust registered under section 11& 12?
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Balayaar

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Balayaar (Querist)
17 June 2015 Yes. It has gross receipts of Rs.43,00,000/-
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Ankur Singhal

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Ankur Singhal (Expert)
18 June 2015 Then if ur are required to fulfill the conditions of section 11
i.e trust is required to apply its atleast 85% of the total receipts & for rest refer section 12 & 13.

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