Please Help: Trust Income

The XYZ Trust established and formed in the year 1980 to promote and popularized renewable source of energy as clean energy alternatives that are Techno- economically viable and society acceptable. The Trust is registered u/s. 12A under Income tax Act and also with Bombay Charitable Trust Act.

The Trust is having mainly two activities. First is to promote and popularize renewable source of energy and second one is separate unit to develop and promote energy resources, which is business unit. The Books of accounts of business activities are separately maintained and the nature of business is purely incidental to main object of the trust.

During the FY 2012-13, The Trust has received around 50 Crores towards grant and subscription from the different entities and further earned around Rs. 7 Crore from the business activities carried out by them. Out of which the trust has applied the amount of Rs. 55 Crore for the charitable purpose (as above) during the financial year.

1. What would be taxable income for the purpose of Income tax Act?
2. Whether the trust can opt-the option U/s 11(1)(a) to set aside 15% for the purpose of future activitie