19 March 2022
section 11(1) states 15% of income. income means receipts or net after dedction of application of receipts? i feel, income means after exps not after application. for example which is correct ? rs. 100 gross receipts, rs. 15 exempted rs. 85 less rs.60 spent so rs. 25 is taxable OR IS IT BELOW?:- 100 Rs. received, 60Rs. spent, so 40 and reduce 15% of 40 = 12- 28 is taxable? IS 25 TAXABLEOR RS.28 TAXABLE ABOVE>? I FEEL 25 IS TAXABLE.
30 March 2022
time limit to accumulate ---> if i dont spend 85% upto 31.3.2022 (for fy21-22), do i have to put in section 11(5) before 31.3.2022? i feel , we have time till return date to accumulate, not just till 31.3.2022. correct sir?
30 March 2022
sir 2 CAs told me same what u said. but what if i get donation on last hour of 31.3.2022, how to invest in 11(5) before close of 31.3.2022. i think we get time after 31.3.32022 , but i still not sure.
CAclubindia
