taxation of charitable trust
This query is : Resolved
19 January 2011
DEAR SIR
I HAVE TRUST WHOSE GROSS INCOME 9 LAKHS AND EXPENSE 7.50 FOR CHARITABLE PURCHASE
I WOULD LIKE TO KNOW THE TAX EFFECT.
THERE IS PROVISION OF 85% SHOULD BE UTITLISED AND IF YOU NOT UTILISED 85 % THEN ON EXCESS YOU WILL BE TAXED ?WHETHER BASIC EXEMPTION LIMIT FOR THE CHARITABLE TRUST AVAILABLE .THE TRUST IS REGISTERED UNDER SECTION 12 OF THE INCOME TAX ACT.
MY EMAIL ID IS doshidixesh@gmail.com
DIXESH DOSHI
I HAVE TRUST WHOSE GROSS INCOME 9 LAKHS AND EXPENSE 7.50 FOR CHARITABLE PURCHASE
I WOULD LIKE TO KNOW THE TAX EFFECT.
THERE IS PROVISION OF 85% SHOULD BE UTITLISED AND IF YOU NOT UTILISED 85 % THEN ON EXCESS YOU WILL BE TAXED ?WHETHER BASIC EXEMPTION LIMIT FOR THE CHARITABLE TRUST AVAILABLE .THE TRUST IS REGISTERED UNDER SECTION 12 OF THE INCOME TAX ACT.
MY EMAIL ID IS doshidixesh@gmail.com
DIXESH DOSHI
20 January 2011
Sir,
Basic exemption of Rs.160000 is available to trust.Kindly read sec 164(2) and check the eligibility criteria.
Basic exemption of Rs.160000 is available to trust.Kindly read sec 164(2) and check the eligibility criteria.
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