Section 12 of ITA, 1961 : Section 12: Income Of Trusts Or Institutions From Contributions
ITA, 1961
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Explanation using Example
Imagine a charitable trust named "Bright Future Education Trust" which is established to provide educational opportunities to underprivileged children. The trust receives various voluntary contributions from donors throughout the financial year. According to Section 12(1) of the Income-tax Act, 1961, these contributions are considered income derived from property held under trust for charitable purposes, unless they are specifically directed to be part of the trust's corpus.
Now, suppose that the trust also runs a school and offers ...
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