Aarush (Delhi) (1566 Points)
18 September 2009A turst whos income tax return is filed regurlarly and within time limit - from last several years - but from last 2-3 trust is in loss.
in current year trust is in profit.
My question is can we set off this loss in the current or not ............ ? What is the Sec if it can ? and is there any Case law for this?
santhosh
(CA)
(636 Points)
Replied 18 September 2009
Mention clearly whether is recoginsed by the commsioner for exemption or its just a Private trust which is not reg for any benefits. If the trust is second category then you can set off losses and balance is taxed at MMR (33.99%)
Aarush
(Delhi)
(1566 Points)
Replied 18 September 2009
What is the treatement in the case of Registered trust? What sec is applicable for this??
CA Dishang Shah
(Partner)
(32 Points)
Replied 27 May 2011
Dear sir,
Please find following details:
Now my queries are:
CAclubindia
