ABC charitable trust would like to accumulate the income for the purpose of construction of school building in coming three years and therefore set apart ₹20 Lacs out of current year's income. In order to exclude ₹20 lac
CS Executive · Tax Laws · PYQS · June 2022
ABC charitable trust would like to accumulate the income for the purpose of construction of school building in coming three years and therefore set apart ₹20 Lacs out of current year's income. In order to exclude ₹20 lacs from taxable income, the charitable trust is required to inform the purpose and the period for which accumulation is made to the assessing officer in a prescribed form. Out of the following, which is the prescribed form to be used by the trust:
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax Act, 1961
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