Taxation of trusts
This query is : Resolved
26 September 2012
This is my third post relating to taxation of trust but still didn't got the satisfactory answer.
Suppose a trusts purchased a fixed asset say for Rs. 5,00,000, depreciation would be charged @ 10%.
Now which amount is a application of income while computing the income as per IT Act
Rs. 5,00,000 (fixed asset cost)
or
5,50,000 (fixed asset cost & depreciation on it)
Some says it would be 5,00,000 and some 5,50,000.
please reply.
Suppose a trusts purchased a fixed asset say for Rs. 5,00,000, depreciation would be charged @ 10%.
Now which amount is a application of income while computing the income as per IT Act
Rs. 5,00,000 (fixed asset cost)
or
5,50,000 (fixed asset cost & depreciation on it)
Some says it would be 5,00,000 and some 5,50,000.
please reply.
26 September 2012
Application of income would be 500000
as no where mention tnat depreciation should be added first as it is reductin in value of assets as time pass.
as no where mention tnat depreciation should be added first as it is reductin in value of assets as time pass.
26 September 2012
Application of income would be 500000
as no where mention tnat depreciation should be added first as it is reductin in value of assets as time pass.
as no where mention tnat depreciation should be added first as it is reductin in value of assets as time pass.
26 September 2012
thanks for your valuable suggestion.
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
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Income Type for interest from government bonds
- TCS ON SOFTWARE SALES
- Not a CA , can we prepare balance sheet
- Valuation of diamonds as on 01.04.2001
- What is meaning of merging of expenses or income in accounts
- Accounting treatment of write off sundry debtors
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- GST RCM not shown in GSTR-3B
- Bill from Dispatched from issue.
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
