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TMI BlogEffect of denial of exemption to charitable Trust u/s11X X X X Extracts X X X X X X X X Extracts X X X X ..... Effect of denial of exemption to charitable Trust u/s11 X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment of Charitable Trust, exemption u/s11 was rejected. What is the method of computation of Income? The view of the department is that entire income will be charged to tax. More importantly, n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o application of Income for charitable purposes will be considered. To illustrate: Donations 100/- Interest Income ₹ 1000/- Lets us say application is ₹ 995/=. due to not filing the Form1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0B in time, Exemption rejected. Now the Department says ₹ 1,100/= will be taxed without giving recognition to ₹ 995/- spent towards objectives of the Trust. . Reply By RAHUL AGRAHARI: The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reply: Dear, Mr. Rajaraman Iyer Please let us know whether you file ITR-5 or ITR-7? As per the Income tax rule If your Exemption u/s 11 was rejected till the scrutinies date (i.e. 30th september o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Succeeding year ) then you can not claim exemption u/s 11.
you need to file ITR-5 till the approval of 12A/80G and will have to pay the tax on the income .
Thanks X X X X Extracts X X X X X X X X Extracts X X X X ..... Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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