12 November 2022
In case of charitable and educational trust entire purchase of assets were treated as application of funds. Hence no depreciation charged in the accounts.
12 November 2022
Entire purchase of fixed assets is allowed as deduction from the income and donations of the trust as application of funds. 85% of the donations and income received is applied for charitable activities and purchase of assets for charitable activities then no income tax applicable on the trust.
15 November 2022
i'm basically handling only school project of the trust, school is financially independent from trust , its have its own income and exp. so please suggest me accordingly
CAclubindia
