SUGATA GANGULY (CHARTERED ACCOUNTANT) (88 Points)
22 July 2010UTILISATION OF INCOME FOR ACQUIRING FIXED ASSETS WII BE TREATED AS APPLICATION OF INCOME FOR CALCULATING 85% OF THE iNCOME?
Tarun
(CA Practice )
(166 Points)
Replied 18 July 2011
Hi,
I hope Mr Ganguly's question relates to application of income of a charitable trust.
In that case, the answer is affirmative. The acquisition of Fixed assets will amount to application of income subject to the fact that the assets are requird for the purpose of carrying-on the purpose of trust.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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