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?
13 September 2012
yes you can setoff it.
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.
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