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Discussion > Others > Trust registered under bpt act 1950   Unanswered Threads Post New Topic

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Sarita Nakhe


Owner
[ Scorecard : 81]
Posted On 22 July 2013 at 12:02 Report Abuse

Trust registered under Bombay Public Trust 1951 and not registered under section 11 and 12 of income tax act and received donations say Rs.5 lacs in a year.  Now the trust spent only Rs.1 lac out of Rs.5 lacs in a year.  Can the trust transfer this Rs.4 lacs into the corpus?  Is it compulsory for the trust to spend whole amount received from donation in the same year?  Is the balance unspent amount is taxable as the trust is not registered under section 11 and 12 of income tax act?



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kavksatyanarayana


subregistrar/supdt.(retired)
[ Scorecard : 1119]
Posted On 22 July 2013 at 17:03 Report Abuse

though the Trust deed is unregisterable, you should register the Trust in IT Act.  The donation amount shall be deposited in an approved bank.  consult a local Auditor of Income Tax




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