Trust

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VINITHA RAJESH (Querist)
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28 July 2010 Does the provisions of disallowance of expenses under the head profits and gains from business or profession be applicable for a trust.

Under which head of income do we compute the income earned by a trust

VINOD ARORA

VINOD ARORA (Expert)
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06 August 2010 Income of Trust registered under S. 12A is taxable under Other Sources even if the same is derived from Buisness incidental to meet objectives of the Trust.

Tax Audit under S. 44AB is not applicable rather audit report is required under S. 12A(b). There is no stipulation of disallowances of expenses as is done normally in the case of an assessee having PGBP.