SIR, My doubt is if The Trust Registered U/S 11 and 12 of Income Tax Act got the voluntary contributions from public and utilized for the purchase of the fixed assets for the trust does it treat application of income u/s 11 of Income Tax or not and otherwise shall we show it as a corpus donations please clarify and Trust having 12 A Registration when 85% funds utilized from the Gross Receipts for development remaining 15% can we carry forward in cash or bank form please clarify. Thanking you sir.
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Our trust was incorporated in 2013. Trust was having 12A but not 80G. At the time of new registration U/s 12AB, trust has applied for 80G in Form 10A in April-22. Provisional order in Form 10AC was granted on 30.05.2022. Trust was not carrying out any considerable charitable activity from incorporation. Just primary expense like Bank Charges and Audit Fees etc. It was also managing one school. In that case we have applied for regular registration in Form 10AB in the month of February as the commencement of charitable activity and first donation both happended in the Month of October-22.…
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Trust regd u/s 12A has not recd huge fees/rent till 31st March. Will this be counted as income for purpose of spending 85% ? any form ? how long unrealised income be excluded from spending 85% ? any form ? can trust opt for cash system of accounting instead
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The trust registered u/s 12AA and 80G received unquoted shares as donation and sold the shares by market auction. the sale price was below net worth of shares. whether provisions of section 50CA will be applicable on the trust.
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The Trust derives income of 2Lakh from immovable property rent only and part of the funds are donated to national causes. No exemption from I.T Comm. had been taken as of yet. Members has no share of undetermined or determined funds. In fact the working is voluntary. Why CPC applied sec 167 and demand surcharge of 37% total of 42%. Grievance was file to CPC stating no funds share either determined or undetermined was with the members. AY 2021-22 & 2022-23 CPC levied surcharge levied at 37% What to do as to give CPC reply and how the surcharge is…
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VOLUNTARY CONTRIBUTIONS RECEIVED BY A TRUST CAN BE UTILISED FOR THE PURCHASE OF FIXED ASSETS