Whether the Applicability of Income for Trusts includes both Revenue Expenditure and Capital Expenditure or should we take into account only Revenue Expenditure.
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Expecting reply at the earliest.
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 17 September 2008
The application of income should be for the purpose for which it was created, such application can be towards an asset as well as expenditure.
kalpana hegde
(chartered accountant)
(32 Points)
Replied 17 September 2008
Dear Sir,
Please answer my query.
One of my client is doing business of producing and selling sweets. He does not have office he is doing from his home Now he wants to file his returns . How It has to be done?
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 17 September 2008
He has to determine his income from his business and see whether it is taxable. If taxable, he has to file the return in the prescribed form.
kalpana hegde
(chartered accountant)
(32 Points)
Replied 17 September 2008
He is doing Rs. 400000 turnover for a year. Now he want bank account and loan from bank to expand
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