As per Income Tax act, if any trust is not able to apply 85% of its income in a particular year, then still it can get the exemption for the amount which it could not apply by exercising the option under clause (2) of the explanation of section 11(1)(d). Now it is also given in the act that the above option has to be exercised in writing. But it is not mentioned what does this 'WRITING' thing mean? Whether the obligation of writing is limited to passing of a resolution in the meeting or does it include submitting any document to the department?
Anybody any idea abt this?
Sourav
CAclubindia
