Taxation of trust
This query is : Open
14 May 2013
SIR,I am working as a paid staff in a chartered accountants firm.Sir, if a trust has applied 85% of its income for charitable/religious purpose but it is not registered u/s 12A then what will be tax incidence on balance amount of 15%
please guide me
please guide me
16 May 2013
If the trust is not registrered u/s 12A, then it will be treated as AOP only. One needs to see if any tax audit report will be applicable. Also you can claim deduction for all deductible expenses on such income and the net will be taxable. Not just 15%.
16 May 2013
sir,if it receives voluntary contribution rs.1800000/- and have applied rs.1550000/- then what will be amount of income tax for the A.Y.2013-14
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