04 January 2019
Dear Sir/Madam, I have a doubt in regard to taxability of a Charitable Trust registered u/s 12A filing ITR-7 and claiming exemption u/s 11. The Trust could not file its Income Tax Return for FY:2017-18 before specified date u/s 139. Hence, it cannot claim exemption u/s 11. What should be its taxable income in such case? Whether it is donations received or the income over excess expenditure?
CAclubindia
