Q.1 I would like to know whether the last years loss can be set off during the current financial year in case of trust and is the foll method adopted by me for the computational purpose correct or not:
Gross Receipts: 15,87,693.25
Less: 15% Deduction u/s. 11(1) 2,38,154.00
Less: Exp on objects of trust & other admin exp. 5,66,776.00
NET Receipts 7,82,763.25
Less: Loss of Last year(Deficit) 2,69,499.72
Net Income Liable to Tax 5,13,263.53
Q.2 In Annexure Form 10B
1. Amount of income of the previous year applied to charitable or religious purposes in India during the year.
Suppose the income of the charitable trust is Rs. 15,80,000.00 and the application for charitable purpose is Rs. 12,00,000
So in the above Annexure 10B point 1 are we suppose to write Rs. 12,00,000 or Rs. 13,43,000 (85% of 15,80,000) (as suggested by a colleague)?
AND if there would not have been any application of the said income then wat are we suppose to write i.e. the full income earned or the 85% of the income earned or NIL (In Annexure Form 10B)? and can we also claim the deduction of 15% in the computation.
kindly reply.
CAclubindia
