Charitable Trust Not Taxable at Maximum Marginal Rate: Mumbai ITAT

Advertisement Dr. Shalmali Khasbardar Foundation Vs ITO (Exemption) (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai allowed the appeal filed by the assessee, a registered public charitable trust under the Bombay Public Trusts Act, against the order of the Commissioner of Income Tax (Appeals) for AY 2021-22. The assessee was not registered under Section 12A of the Income-tax Act during the relevant assessment year. It filed its return of income declaring taxable income of ₹1,66,700 without claiming exemption under Section 11. Since the declared income did not exceed ₹2.5 l...