I have following Query related to Trust IT Return...
The trust has subscription income as well as advertisement income.
Trust is publishing a monthly magazine or we can say monthly news paper trust is get print this magazine (news paper) from a publisher and after publishing of the magazine the trust sent these magazine to their subscribers by post or by courier.
subscription amount is Rs 100 for year and 5000 for life time subscriber.... and if any one want to give their advertisement in this magazine then trust can publish their advertisement in this magazine and for that trust is charging the money from that person and in accounts this amount shows as income from advertisement
my query is that while preparing the IT Return how to deal with subscription income and advertisement income means under which head this income would be shown.... is it income from profit & gain business or profession???????? and what about the expenses related to the publication of the magazine and courier of the magazine...
Please expert help me in this matter and if possible then please give me proper and detailed answer....
CAclubindia
