17 August 2010
if charitable trust has purchased capital assets of Rs. more than 20000 in cash. whether that capital exps. of Rs. more than Rs. 20000 will be allowable in the limit of 85% or not???????and why??? plzzz clarify in detail...
17 August 2010
charitable trusts are not supposed to get tax audit report under s. 44AB, so you can consider cash expense of more than 20000 as application without disallowance.
CAclubindia
