Exemption related to trust
ramya (article student) (49 Points)
03 February 2017
Trust is not Registered U/S 12A or 12AA .How can we claim exemption ? Exemption U/S 11 can be claimed or not?
Jaspreet
(CA)
(63 Points)
Replied 03 February 2017
If trust is not registered u/s 12AA, then you cannot claim exemption u/s 11. However if you applied for the same then you can claim the exemption from the year in which you applied for.
ramya
(article student)
(49 Points)
Replied 03 February 2017
Then how can we claim expenditure incurred for the maintanence of the trust? Can we claim it u/s 57? How to show it under ITR-7?
Jaspreet
(CA)
(63 Points)
Replied 03 February 2017
The trust not registered under the income tax act would be taxable as an AOP and the total income is chargeable to tax at the rates applicable to an individual or at the maximum marginal rate of tax depending upon the fact that whether shares are determinate or not. The return would be filed in ITR - 5.
CA Rohit baweja
(practaising chartered accountant)
(37 Points)
Replied 04 February 2017
| Originally posted by : Jaspreet | ||
 |
The trust not registered under the income tax act would be taxable as an AOP and the total income is chargeable to tax at the rates applicable to an individual or at the maximum marginal rate of tax depending upon the fact that whether shares are determinate or not. The return would be filed in ITR - 5. |  |
sir i have following queries
1. public trust has been created on sep 2016 , should we have to wait to close the f/y 2016-17 to apply for 12A and 80G or it can be apply before closing of f/y 2016-17
2. can we apply 12a and 80g simuntanously?
3 is it necessary to receive donation and their usage before applyng for 80g and 12a?
regards
CAclubindia
