Is it necessary to apply whole receipt of trust of the particular year within the same year?
Is it necessary to apply whole receipt of trust of the particular year within the same year?
Jeeba Jun. 15, 2018
No, this is not the requirement under the Act.
As per section 11 states that every trusts are required to utilise atleast 85% of its income for charitable or religious purposes, and the remaining balance is permitted to be accumulated. Also, if a situation arises where it is not possible to spend 85% of the income in the same year, then a trust or institution may make an application to the Assessing Officer in Form 10 for accumulating its income for future application to charitable or purposes.
