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Calculation of Income in case of certain violations - Section 13(10) - Income Tax - Ready Reckoner - Income TaxExtract Calculation of Income in case of certain violations - Section 13(10) Where the provision of section 13(8) is applicable or violations of conditions stipulated u/s 12A(1) clause (b) or (ba) i.e., Where the commercial receipts exceeds 20% of gross receipts in case of advancement of any other objective of general public utility or Books of Acounts of trust not maintained or not Audited or ROI not filed on time, trust income chargeable to tax shall be computed after allowing deduction for the expenditure (other than capital expenditure) incurred in India, for the objects of the trust, subject to fulfilment of the following conditions, namely: - (i) Such expenditure is not from the corpus standing as on the end of last year; (ii) Such expenditure is not from any loan or borrowing; (iii) Claim of depreciation is not in respect of an asset, acquisition of which has been claimed as application in any PY; and (iv) Such expenditure is not in the form of any contributions or donation to any person. Notes: a) For the purpose of computing income of Trust, PGBP provisions of section 40A(3) . 40A(3A) and 40(a)(ia) shall apply here also. b) For the purposes of computing income, no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed under any other provision of this Act.
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