TaxTMI 
TaxTMI 
TaxTMI 
We wish to know whether interest income received by trust registered pursuant to provision of Section 12AA of the Income Tax Act, 1961 is also available for exmeption u/s 10 and 11 of the Act if the same is used for charitabole and religious purposes.
Section 11 & 12 of Income Tax
CA Rachit Agarwal
Interest Income for Trusts Under Section 12AA is Exempt if Used for Charitable Purposes Under Sections 10 and 11. A query was raised regarding whether interest income received by a trust registered under Section 12AA of the Income Tax Act, 1961, qualifies for exemption under Sections 10 and 11 of the Act if it is utilized for charitable and religious purposes. The response confirmed that such interest income is indeed exempt when applied for charitable purposes. (AI Summary)