Sumit Agarwal (CA Final Student) (79 Points)
19 June 2015Hello,
My question is I am conducting audit of a trust whose Gross receipts including voluntary contrbution is Rs. 373678 and it has utilised by way of expenses Rs.318200...
Now I want to know 15% set apart is to be calculated at Rs.373678 or (373678-318200).
Also if 15% is to be calculated at (373678-274987) then how will the trust utilise 85% as it has already expended 85% of its gross receipts...
Warm regards,
Sumit Agarwal
Sumit Agarwal
(CA Final Student)
(79 Points)
Replied 20 June 2015
Thanks Jyotsana for your reply...
But if you go through this attempt Direct Tax May 2015 paper,Q3 I was confused with the suggested answer of ICAI... They are setting apart 15% (recepits less of expenses). I also agree with you Jyotsana, but ICAI is considering as per relevant section " 15% of Income" and they take in Income as (receipts less expenses)...
Regards,
Sumit Agarwal
Sumit Agarwal
(CA Final Student)
(79 Points)
Replied 22 June 2015
Yeah Jyotsna,
U understood me correctly...Now its the apex body of CA's and examiners take it that way... Is there any clarification or circular supporting your answer... I too have been doing the same but after the solution of ICAI I am bit confused about it...
Regards,
Sumit Agarwal
pankaj lodhi
(none)
(26 Points)
Replied 18 August 2015
In case of Trust, is it compulsory to claim 15% exemption as a set for future use , when trust applied its income more than 85%. For Example:- Gross Receipt is Rs.1500 and application of Income is 9927/- and accumulated income of A.Y.2013-14 is Rs. 163672/- (which was filed in form 10 to A.O.).
Now tell me one thing should i claim 15% exemption as a set for future use ?????
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