Taxation of trust

richa (Querist) 05 June 2016 This query is : Resolved
Hi, Hoping to find a piece of advice from you. My query is- An educational society registered under The Society's act has gross receipts for AY 2014-15 as rs.128 lakhs and the amount applied for capital and revenue expenditure is Rs.135 lakhs. The trust does not have registration u/s 12A and nor does it have approval u/s 10(23C) also the ITR 7 was filed under Income from other sources for claiming exemption u/s 11 of the Income Tax Act,1961.Now CPC has issued an order for taxing Gross receipts of Rs.128lakhs ignoring amount applied. Please advise if CPC is correct? if yes, how? and how should this be dealt with?

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Kappil Cchandna (Expert) 06 June 2016
Sir,

You can call to discuss.

Warm Regards
kAPIL CHANDNA ADVOCATE
9899011450

Rajendra K Goyal (Expert) 08 June 2016
Discuss with local tax consultant, show him all the documents.

T. Kalaiselvan, Advocate (Expert) 09 June 2016
As rightly observed by experts, you may consult a tax consultant on all such issues for proper guidance and suggestions to move ahead.

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