25 September 2018
I have one querry to ask for about charitable trust :
Our trust has taxable income of 982000/- n trust set apart Rs. 1000000/- for the purpose of purchase of movable properties in last previous year.
Now in FY 17-18 trust make purchases of movable properties about Rs. 850000 /- so whether I can claim addition of this amount as Application of Income. Or not....
Kindly give me suggestions..
25 September 2018
YOU MEAN YOU WANT TO TAKE THIS AMOUNT AS AN APPLICATION OF INCOME FOR THE CURRENT YEAR. IF SO YOU CAN DO THAT AND YOU HAVE TO APPLY THE AMOUNT ACCUMULATED IN SUBSEQUENT YEARS.
CAclubindia
