09 September 2011
sir, If a trust is having surplus of Amount after setting aside of the 15% of the excess of income over the expenditure........can we carry forward such excess amount for the subsequent years? if yes how can we apply for such carry forward of the excess amount?
09 September 2011
such amount can be carry forward to subsequent years but to specify the object of utilization and to apply for consent of respective income tax officer.
However it must be utilised within specified time and for specified purpose as it will be chargeable to tax.
CAclubindia
