27 June 2016
there is not depreciation allowed as per Income tax , for calculating profit IT consider as application of funds. and receipts of fund diff of both will be income you have to use 85% of fund for the purpose for trust as estiblised by you. normally for business as per income tax act depreciation take if you use assets more than 180 days then full rate of depreciation will charge, otherwise 50% of normal depreciation will allowed.
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