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Q. > Please Help: section 11 of Income tax act
As per sect 11(2) of income tax act,if the income of charitable trust falls short of 85% of total receipt, then such income shall not form part of total income if trust specifies in form 10, the purpose and period for which income is accumulated or set apart.
My querry is It is necessary to use the funds for the purpose mentioned in 10F. Example, If i declared in 10f that I will use the amount for renovation of building so can I use this amount for revenue expenditure?
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Comments
Raj Davda
04-Mar-2016 , 11:20:05 amIt MUST be used for the purpose for which it is accumulated. Failure of which will lead to addition of such defaulted amount in total income of trust.
Rajendra Sharma
08-Mar-2016 , 07:30:18 amThe accumulated receipts should be used for the objectives of the trust, other utilizations are added to total income & taxed.