I have made income tax return for a charitable trust registered under bombay public trust act; engaged in hospital activities in which i faced a prolem that trust had received a government grant for a considerable Rs. Now in which section i claim exemption for such grant? Pls give explanation.
3 Replies
Lakshmish Kant
(Chartered Accountant)
(45 Points)
Replied 26 April 2008
Please go through the provisions of Section 11 and 12 of the income Tax Act. These benefits can be availed only if the Trust is registered under Section 12A/12AA of the Income Tax Act.
CA Akshat
(article)
(422 Points)
Replied 26 April 2008
the trust must be registered u/s 12A and 12AA of the income tax act
as per the amendment AY 08 09 the trust will be registered from the first april in the year in which it has made application So if ur trust is registered under bombay trust act before 1-4-08 then the income will be taxable as there is no registration
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