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Trust registered u.s 12AA
If a registered trust u.s 12AA received saving and term deposit interest. and apply for charitable purpose can this interest income is chargeable or no???
Replies (2)
Yes, chargeable.
So far as income is spent on objects of the trust , it's allowable from income. As prescribed trust is required to spend 75% of income towards trust for objects. Balance amount Trust can accumulate and carry forward. Donation received towards corpus of the Trust is also tax free
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