Taxation of trust
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 September 2012
A trust has surplus of more than 15% of its Collection for the year 2011-12.
But it has deficits (excess of expenditure over income) in the preceding 2 years.
1) Can the deficit of earlier years be set-off against the surplus in the current year.
Or should the trust pay tax on excess over 15% in the current year.
2) If the surplus over 15 % is to be accumulated and exemption claimed what would be the procedure?
But it has deficits (excess of expenditure over income) in the preceding 2 years.
1) Can the deficit of earlier years be set-off against the surplus in the current year.
Or should the trust pay tax on excess over 15% in the current year.
2) If the surplus over 15 % is to be accumulated and exemption claimed what would be the procedure?
CA Navin Jain
(Expert)
13 September 2012
yes you can setoff it.
CA Amit Rajput
(Expert)
13 September 2012
If the surplus over 15 % is to be accumulated and exemption claimed than declaration should be given for utilisation of 15% with in specified period required under law.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
