Trust's Uniform Advances Qualify for Tax Exemption, Not Considered Personal Benefit u/s 13(3) of Income Tax Act.

Trust's Uniform Advances Qualify for Tax Exemption, Not Considered Personal Benefit u/s 13(3) of Income Tax Act. https://www.taxtmi.com/highlights?id=56773 Exemption u/s 11 - The advance was given in the normal course of activity of the trust for purchase of uniforms and coats for which necessary evidences including bill for supply of uniforms was placed on record. Therefore, all 3 advances cannot be considered as income or property of the trust was directly or indirectly allowed to the benefit of any person referred to sub-section (3) of section 13 of the Act. - AT en-us Wed, 17 Feb 2021 09:29:10 +0530 Wed, 17 Feb 2021 09:29:10 +0530 TaxTMI RSS Generator Trust's Uniform Advances Qualify for Tax Exemption, Not Considered Personal Benefit u/s 13(3) of Income Tax Act. https://www.taxtmi.com/highlights?id=56773 Exemption u/s 11 - The advance was given in the normal course of activity of the trust for purchase of uniforms and coats for which necessary evidences including bill for supply of uniforms was placed on record. Therefore, all 3 advances cannot be considered as income or property of the trust was directly or indirectly allowed to the benefit of any person referred to sub-section (3) of section 13 of the Act. - AT Highlights Income Tax Wed, 17 Feb 2021 09:29:10 +0530 https://www.taxtmi.com/highlights?id=56773