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Effect of denial of exemption to charitable Trust u/s11, Income Tax

Issue Id: - 116794
Dated: 15-10-2020
By:- Rajaraman Iyer
Effect of denial of exemption to charitable Trust u/s11

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In the assessment of Charitable Trust, exemption u/s11 was rejected. What is the method of computation of Income? The view of the department is that entire income will be charged to tax. More importantly, no application of Income for charitable purposes will be considered.

To illustrate: Donations 100/- Interest Income ₹ 1000/- Lets us say application is ₹ 995/=. due to not filing the Form10B in time, Exemption rejected. Now the Department says ₹ 1,100/= will be taxed without giving recognition to ₹ 995/- spent towards objectives of the Trust. .

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