Astha Foundation is a not for profit trust that runs a secondary school and a hospital. The trust had total receipts of 1.2 crores from school and -…
CA Final · Direct Tax Laws and International Taxation · PYQS · November 2024
Astha Foundation is a not for profit trust that runs a secondary school and a hospital. The trust had total receipts of 1.2 crores from school and - 4.2 crores from hospital for the assessment year 2024-25. Can the trust claim exemption under section 10(23C)(iiiad) and section 10(23c)(iiiae) for assessment year 2024-25?
Suggested Answer and Working Notes:
(ii) No, Astha Foundation trust cannot claim exemption under section 10(23C)(iiiad) and section 10(23C)(iiiae), since the aggregate annual receipt of 5.4 crores (₹ 1.2 crores from school and - 4.2 crores from hospital) exceeds the aggregate threshold of 5crores though the individual receipts from school and hospital have not exceeded 5crores.
Topics: Assessment of Trusts and Institutions, Political Parties and Other Special Entities
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