| Discussions Forum | ||
Home  Forum Income Tax This
|
||
| A Public Forum. Anyone can participate to share knowledge. |
||
|---|---|---|
| We acknowledge the contributions of Experts/ Authors. | ||
Submit new Issue / Query |
||
Withdrawl of Exemption u/s 12A and taxability of capital funds lying at the time of withdrawl, Income Tax |
||
|
||
Withdrawl of Exemption u/s 12A and taxability of capital funds lying at the time of withdrawl |
||
Earlier trust has been registered u/s 12A and its entire income has been exempt. However, Registration of trust has been cancelled by department. Now IT deptt. wants to levy tax on the ground that : Since registration of trust has been withdrawn and it will be tentamount to transfer of assets from registered trust to unregistered trust. Hence, income has not been applied for specified objects and capital funds( Assets - Liabilities) lying at the time of withdrawl is taxable. I wish to add here that entire income has been utilised for specified objects during exemption. Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
Whether you have got clarified in the above issue? If not please inform. Page: 1 Old Query - New Comments are closed. |
||
