Section 115TD of ITA, 1961 : Section 115Td: Tax On Accreted Income

ITA, 1961

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Explanation using Example

Imagine a charitable trust called "Green Earth Foundation," which is registered under section 12AA of the Income-tax Act, 1961, and enjoys certain tax benefits due to its charitable nature. The trust decides to convert into a for-profit company, which is not eligible for registration under section 12AA. This conversion happens on July 1, 2023.

As per Section 115TD of the Income-tax Act, Green Earth Foundation will face a tax on its accreted income as of the specified date, which ...

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