Question And Answer
Querist: bs
Answered by:
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Date: March 30, 2023
Query asked by bs

Trust regd u/s 12A has not recd huge fees/rent till 31st March.

  1. Will this be counted as income for purpose of spending 85% ? any form ?
  2. how long unrealised income be excluded from spending 85% ? any form ?
  3. can trust opt for cash system of accounting instead
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Trust can make an application under Form 9A (Rule 17 of Income-tax Rules, 1962) stating that the income is not received as per section 11(1)(2) (i) of the Act and the same will be treated as applied income.

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