Question ID :
39307
UNREGISTERED TRUST-AOP-HEAD OF INCOME
UNREGISTERED TRUST HAS RECEIVED VOLUNTARY CONTRIBUTIONS OF RS 7 LAKHS AND HAS APPLIED RS 1LAKH FOR CHARITABLE EXP AND REMAINING FOR ESTABLISHMENT AND ADMINISTRATIVE EXP. UNREGISTERED TRUST IS LIABLE TO FILE RETURN AS AOP, HENCE ITR 5 IS TO BE FILED. MY QUESTION IS WHETHER VOLUNTARY CONTRIBUTION IS TO BE SHOWN IN INCOME FROM BUSINESS AND PROFESSION AND DEDUCT EXP IN PNL ACCOUNT OR VOLUNTARY CONTRIBUTION IS TO BE SHOWN IN INCOME FROM OTHER SOURCES AND CLAIM EXP UNDER SECTION 57???
ACCORDING TO MY OPINION, IT SHOULD BE SHOWN UNDER THE HEAD INCOME FROM OTHER SOURCES AND CLAIM EXP U/S 57 AS AOP TRUST IS NOT INDULGE IN ANY BUSINESS ACTIVITIES,
PLS GIVE YOUR SUGGESTIONS.
REGARDS.
posted by
ALIAKBAR K TIMBAWALA
on
Jul 26 2019 12:00AM