Search Results For: 13(1)(d)

Denial of exemption-Trust or institution-Investment restrictions -Taxability of Charitable Trust in case exemption is forfeited.

QUERY: In case of violation of Section 13(1)(c) or 13(1)(d) what are the repercussions and how the tax is calculated in above situations as there is some confusion in that?
ANSWER: Click here to read the full answer of the expert

Section 164(2) of the Income-tax Act, 1961 provides that in case of relevant income which is derived from property held under trust wholly for charitable or religious purposes, tax shall be charged on so much of the relevant income as is not exempt under Section 11, as if the relevant income not so exempt were the income of an association of persons.

Posted in Income-tax