tax rate of income from charitable trust
This query is : Resolved
22 May 2011
good evening sir i have one doubt that is what is chargeable rate of income from charitable trust and other institutions?
23 May 2011
If any Trust is a Public Charitable Trust and is registered u/s 12 of Income Tax, it can claim exemption of section 11 upto the limit of actual expenditure incurred by it during the financial year. Further they can carried forward their maximum 15% of revenue to next year on some sound grounds without Paying Income Tax.
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