TaxTMI 
TaxTMI 
Withdrawl of Exemption u/s 12A and taxability of capital funds lying at the time of withdrawl
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....ithdrawl of Exemption u/s 12A and taxability of capital funds lying at the time of withdrawl<br> Query (Issue) Started By: - Gopal Krishan Gupta Dated:- 4-2-2014 Last Reply Date:- 27-12-2015 Income Ta....
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....x<br>Got 1 Reply<br>Income Tax<br>Earlier trust has been registered u/s 12A and its entire income has been exempt. However, Registration of trust has been cancelled by department. Now IT deptt. wants ....
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....to levy tax on the ground that : Since registration of trust has been withdrawn and it will be tentamount to transfer of assets from registered trust to unregistered trust. Hence, income has not bee....
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....n applied for specified objects and capital funds( Assets - Liabilities) lying at the time of withdrawl is taxable. I wish to add here that entire income has been utilised for specified objects duri....
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....ng exemption. Reply By MARIAPPAN GOVINDARAJAN: The Reply: Whether you have got clarified in the above issue? If not please inform.<br> Discussion Forum - Knowledge Sharing ....