K NANDINI (ARTICLE CLERK) (50 Points)
01 October 2015Dear Friends
Kindly enlighten me on what should be filled in the column - details of corpus fund and non-corpus fund as on the last day of the previous year and last day of the financial year.
Attaching the relevant portion of ITR - 7 and marked in red colour.
Your early guidance will be highly appreciated
Thanking you in anticipation.
Regards
Nandini
CA Parul Saxena
(CA)
(8488 Points)
Replied 01 October 2015
Trust received some donations as corpus that are treated as capital receipt as these funds are to be utilized for some specific purpose so under corpus fund this amount to be mentioned.
As per income tax act 85% of the expenditure is essential for claiming tax relief. If somehow expenditure is less than this limit then excess amount is set aside so that this could be invested in eligible investment or can be used to meet out some expenses in next year so under non corpus fund this amount to be mentioned.
K NANDINI
(ARTICLE CLERK)
(50 Points)
Replied 02 October 2015
Thank You very much Sir.
Regards
Nandini
CAclubindia
