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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 ..... In the 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 import ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antly, no 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Form10B 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 RAHU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... L AGRAHARI - The 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... date (i.e. 30th september of 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 . T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hanks - Effect of denial of exemption to charitable Trust u/s11 - Query Started By: - Rajaraman Iyer Dated:- 15-10-2020 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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