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Audit of Trust(Application of Income)

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(Querist)
23 June 2009 hello frnds,
pl clarify the gn below doubt as soon as possible

While calculating application of income in case of trust (ie 85% on income), should we consider Gross Income or Net Income ???
Awaiting ur reply..
Thanks in anticipation

Sangita
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Ratan Sharma

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Ratan Sharma (Expert)
23 June 2009 Hi Sangita,
Its 85% of gross income and not of net income.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
23 June 2009 its gross income
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