Quiz for the week (20 Apr 2026) :
Mahesh Charitable Trust registered under section 12AB has income from running an engineering college. It received Rs.40 lakh as voluntary contributions in the month of March,2026 which could not be applied for the objects of the trust before 31st March,2026 and therefore it was kept in the bank account of the trust. It had given in August, 2025 a sum of Rs.20 lakhs as non-corpus donation to Food Feed Charitable Trust (registered under section 12AB) and a sum of Rs.30 lakhs as corpus donation to a local panchayat school for construction of toilets in October, 2025. Both the donations fall within the objects of the trust. The trustees of Mahesh Charitable Trust want to know the tax consequence of these transactions.
Share your thoughts on the above on or before 27th April 2026.