Trust are those institute which do charity and Income tax department provide them tax relief. But it has been misused by many who added name of trust to save income tax as reported first by CAG and now parliamentary committee on finance has ordered Income tax department to scrutinize very carefully. By inspecting utilizing certificate and donations of many big hospitals and pvt medical colleges.
Which are functioning under a trust, whether 85 % of their income receipt are utilized for benefit and upliftment of poor and down trodden or just deposited in another accounts to divert fund to save income tax. A parliamentary panel has rapped a Tata trust for allegedly misusing laws to get income-tax (I-T) exemption for its $100-million grants to Harvard Business School and Cornell University projects. It recommended setting up a group by the I-T department to probe these supposed…
