I work in a public charitable trust which is setup with the intent of starting an orphanage for poor orphans. We have applied for exemption under section 12A from the Income Tax department. We havent received the certificate yet. My question is:
As of today, should the trust pay tax on the amounts of donations received?
Please note all the funds acquired from donation were used for our purpose, ie purchase of land etc
Jan. 05, 2018