Accounting Standards and Charitable Institution
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 December 2009
Dear sir,
I wanted to get some info about accounting standards issued by ICAI.
Which accounting standard applies to Charitable Instituiton?
Please help me,by solving my query.
THANK YOU!
I wanted to get some info about accounting standards issued by ICAI.
Which accounting standard applies to Charitable Instituiton?
Please help me,by solving my query.
THANK YOU!
Arjuna Raina
(Expert)
29 December 2009
Excluding AS 22,21,23,17,18,20 and other AS which excludes taxes because charitable institution gets their income tax exemption u/s 12 and 13
CA Sidhi Gaur
(Expert)
29 December 2009
agree with arjuna..
Murtaza I Bhagat
(Expert)
29 December 2009
Yes agree and for Charitable Institution which are collecting fund from International agencies for that see also FCRA standards.
CA Ravi Sisodia
(Expert)
29 December 2009
agree
30 December 2009
My question to Mr. Arjun Raina.
Sir trust is carrying on Businees incidental to the objective of trust. It will be maintaning books of accounts and claiming depreciation accordingly. But since they are exempt from tax. There has to be Deferred tax as per AS-22 on account of depreciation.
Correct me if i m wrong
Sir trust is carrying on Businees incidental to the objective of trust. It will be maintaning books of accounts and claiming depreciation accordingly. But since they are exempt from tax. There has to be Deferred tax as per AS-22 on account of depreciation.
Correct me if i m wrong
Arjuna Raina
(Expert)
30 December 2009
It is not the differed tax as per AS 22 it is the general dep on assets which the trust is maintaining.
AS 22 will be applied if he is following any commercial activities.so there is no relation of depreciation with AS 22 because he is also not filing any IT return because of tax exemption.
Conclusion: All AS will apply if the trust is carrying any commercial activity.
AS 22 will be applied if he is following any commercial activities.so there is no relation of depreciation with AS 22 because he is also not filing any IT return because of tax exemption.
Conclusion: All AS will apply if the trust is carrying any commercial activity.
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