Taxation of trust
This query is : Resolved
13 July 2018
INCOME OF A TRUST REGISTERED U/S 12A IS RS 20 LAKHS. TRUST HAS TO UTILIZE 85% OF THE INCOME ( 17LAKHS) FOR ITS OBJECTS.
HOWEVER TRUST UTILISED RS 27 LAKHS ( EXCESS BY 10 LAKHS) DURING THE ACCOUNTING YEAR. NOW CAN THE EXCESS UTILISATION BE CARRIED FORWARD AND SHOWED AS UITILISATION IN THE NEXT ACCOUNTING YEAR.
PLEASE HELP
HOWEVER TRUST UTILISED RS 27 LAKHS ( EXCESS BY 10 LAKHS) DURING THE ACCOUNTING YEAR. NOW CAN THE EXCESS UTILISATION BE CARRIED FORWARD AND SHOWED AS UITILISATION IN THE NEXT ACCOUNTING YEAR.
PLEASE HELP
13 July 2018
Yes, can be carried forward.
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