18 June 2010
hi can u tell me that if we do not invest income of Charitable trust in mutual funds as per 10(23d) whatare the implications and what we can do so that it has no adverse effect on our income
18 June 2010
If the Trust is registered u/s 12A of the Income Tax , Income of the Trust is exempt from tax subject to certain conditions.
There may be a case when surplus is not exceeding the limit of 15% of gross receipts and such surplus can be invested in any mode including bank fixed deposits.
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