Trust
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2013
CAN WE CARRY FORWARD EXCESS APPLICATION OVER INCOME TO THE NEXT YEAR IN A TRUST
27 June 2013
require more clamity, whether it is after exempt?
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 June 2013
BEFORE CLAIMING THAT 15 % SET APART FOR FUTURE.SECTION 11
27 June 2013
Yes.
Adjustment of deficit of current year against income of subsequent year would
amount to application of income of trust for charitable purpose in subsequent year within meaning of section 11(1)(a).
Citation :-
DIT Vs. Raghuvanshi Charitable Trust [2010] 8 Taxmann.com 142 (Del).
Adjustment of deficit of current year against income of subsequent year would
amount to application of income of trust for charitable purpose in subsequent year within meaning of section 11(1)(a).
Citation :-
DIT Vs. Raghuvanshi Charitable Trust [2010] 8 Taxmann.com 142 (Del).
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