sec 2(15) of income tax act defines charitable purpose. i am having doubt whether a trust can do a business , the gross receipts of which is less than 10 lacs and the same can be claimed as charitable purpose
sec 2(15) of income tax act defines charitable purpose. i am having doubt whether a trust can do a business , the gross receipts of which is less than 10 lacs and the same can be claimed as charitable purpose
a Trust can do business, but it will not be entitled to exemption u/s 11 & 12 and you can not calimed any income as being charitable at your discretion...
It will be taxed saperately...
CAclubindia
