application of income in case of ITR OF TRUST
This query is : Resolved
04 December 2009
PURCHASE OF ASSET AND DEPRICIAION OF BOTH ARE CONSIDERED AS INCOME ?
06 December 2009
Purchase of asset is considered as Application of Income. Hence while calculating the Total Income of a trust; you can deduct the whole amount of asset from the inome. The asset will be shown at its original value. You need not pass depreciation entry in the books.
CA Rakhecha,
Surat
CA Rakhecha,
Surat
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