Question ID :
39218
103762
For AY 2018-19 a charitable trust has filed belated ROI. The return was processed and total expenditure which was claimed as application of income was disallowed applying section 12A(1)(ba) which is applicable from AY 2018.19
Posted by
DARSHAK MAGANLAL THAKKAR
on
Jun 20, 2019
Filed Under
DIRECT TAXES
If return filed within time allowed under section 139, benefit of exemption under section 11 cannot be denied. Refer clarification issued by CBDT F. No. 173/193/2019 dated 23 April, 2019.
Posted by
CA. chunauti dholakia on
Jun 20, 2019
Answer ID :
78878
section 12A(1)(ba) is wrongly interpreted and denied the claim of the trust. The trust is eligible for the claim u/s. 11 and 12.
Posted by
CA PRADEEP C B on
Jun 21, 2019
Answer ID :
78891
Income tax is payable on the net surplus at the rates applicable to Individuals and not on the gross receipt.
Posted by
CA. VENKITARAMAN K V on
Jun 21, 2019