08 August 2013
According to section 11(2) of Income Tax Act 1961,if 85% of income of a charitable or religious trust is not utilised in the previous year, then it can be accumulated for 5 years.Auditor reports in his audit report about the amount utilised from income of that year and amount accumulated for that year.
My query is that if the charitable or religious trust has utilised the accumulated fund in the specified period of 5 years, then where is the amount utilised from the accumulated fund to be reported?
27 December 2018
Accumulated income of Preceding Previous year utilized during the previous year are reported in Income Tax Return Form 7 in Schedule I.
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