Trust Income Must Reflect Actual Expenses, Not 30% Standard Deduction; Aligns with Section 11 of Income Tax Act.

Exemption u/s 11 - renal income - standard deduction @30% vs actual expenditure - once income of a trust/institution is computed u/s 11, whatever income derived from the property held under trust is to be taken into account and against which actual expenditure is allowable not the standard deduction @30% u/s 24(a) .....

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