Vishwa Bharti Charitable Trust, registered under section 12AA, for the previous year 2018-19 derived gross income of ₹ 15 lakh from various sources consisting of the following: Particulars Amount (in lakh) (a) Income fro

Vishwa Bharti Charitable Trust Computation of Taxable Income A.Y. 2019-20 Particulars Amount (₹) (i) Income from property held under trust (net) 600000 (ii) Income (net) from business (incidental to main objects) 300000 (iii) Voluntary contributions from public [Voluntary contribution made with a specific direction towards corpus are to be excluded under section 11(1)(d). In this case, there is no such direction and hence, total contribution is included] 600000 Total 1500000 Less: 15% of the income eligible for retention / accumulation without any conditions. (225000) Total 1275000 Less: Amount applied for the objects of the trust (i) Amount spent for charitable purpose (₹ 9,60,000 - ₹ 3,60,000) (600000) (ii) Repayment of loan for construction of orphanage home at Kota also treated as applied for charitable purpose (360000) Total Income 315000 Note: Corpus donation of ₹ 2 lakhs given to another trust registered u/s 12AA will not be regarded as application of income. [Explanation 2 to section 11(1)]