RAJ KUMAR (FINANCE MANAGER) (1393 Points)
26 August 2011HELLO FRIENDS, MY CLIENT IS AN EDUCATIONAL TRUST, IT IS REGISTERED UNDER SOCITIES ACT.
ITS RECEIPTS ARE LESS THAN RS 1 CRORE.
MY QUESTION IS IS ITS INCOME IS AUTOMATICALLY EXEMPTED U/S 10(23) C.
IF ITS INCOME IS MORE THAN RS. 1 CRORE THEN IT HAS TO APPLY FOR SEC 12A REGISTERATION.
FOR CLAIMING EXEMPTION.
BUT IF ITS GROSS RECEIPTS ARE LESS THAN RS 1 CRORE IT IS EXEMPTED.
EVEN 85% CONDITION IS NOT TO BE SEEN IN THIS CASE.
PLS. HELP ME.
AM I RIGHT OR NOT?
Mr rajkumar
To claim exemption under section 10(23C) the trusts has to be registered with the Central Govt. Registration is done u/s 10(23C). Therefore it is not automatic.
To claim exemption u/s 11 & 12, the trust should be registered u/s 12AA.
Registration under socities egistration act does not entail exemption under the income tax act. Society only creates a separate enitity.
Thanks
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 27 August 2011
HOW TO GET REGISTERED U/S 10(23)C.
PLS. TELL ME.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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