17 May 2014
My one of the client is registered under Trust.. trust is running the college and charges fees from the students and also gets donation corpous as well as other than corpous fund... i have a question that where i should disclose these income in the computation while filing the return and under which head i.e whether in other income or business ... Corpous donation 3250000 Rs Other than corpous donation 423840 Rs Bank Interest 65005 Rs Fees Received Rs 28751600 Rs Interest on FDr 194258 Rs Revenue Expenditure Rs 23728102 Depreciation Rs 2831365 Net Income Over Expenditure 2875236 Rs Capital Expenditure on Fixed Assets Rs 12845491 Fixed deposit made D.Y 200000
Please tell me how and where i have to feed the data in the return
19 May 2014
if corpus donation is for specific purpose then you need to keep it separate..
net income is to be taken into picture.. keep 15% aside and remaining money is taxed.. such taxable money is reduced by any investments made for college betterment.
CAclubindia
