21 January 2011
I ASK AGAIN THIS QUERY WITH THE ADDITIONAL FACTS. i have CREATED A TRUST 7 YEAR BACK AND SINCE INCEPTION Trust has RECEIVED CORPUS DONATION FROM CHATITABLE TRUST REGISTRED U/S 12A APPR Rs. 18 LACS TILL THE F. Y. 2009.10. and the TRust Invested This Donation Received in to FDR what will postion . AND Trust APPLIED FOR REGISTRATION U/S 12A ON AUGUST 2010, NOW A.O WANT TO TAXES Rs. 18 LACS AS INCOME. PLEASE TELL ME WHAT IS THE TRAETEMENT Of THIS IN DETAILED BY WHICH MY CASE SOLVED
22 January 2011
Sir,Your language is not clear.But as per the Act you have to spend 85% of the trust's income. If the balance income more than Rs.160000 it will taxed as an AOP ie idividual slab rates.
CAclubindia
