Application of income under section 11& 12 of it act
This query is : Resolved
08 September 2019
Sir
During year 2017 18 registered trust having excess of expenditure over income of the trust. Excess expenditure incurred from earlier periods surplus fund(trust usually incurred expenditure upto 90% of income in earlier periods). Now my question is what should be considered as application of income in Income tax return 1. Actual expenditure incurred during the year or 2. Expenditure equally to income of fy 2017 18.??
During year 2017 18 registered trust having excess of expenditure over income of the trust. Excess expenditure incurred from earlier periods surplus fund(trust usually incurred expenditure upto 90% of income in earlier periods). Now my question is what should be considered as application of income in Income tax return 1. Actual expenditure incurred during the year or 2. Expenditure equally to income of fy 2017 18.??
09 September 2019
Actual expenditure incurred during the year may be shown as application. Select option excess spending out of earlier surplus.
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09 September 2019
the option of excess spending out of earlier surplus not selected while filing return of income and notice received u/s 143(a) now what is advisable
09 September 2019
File revised return selecting the option in reply to the notice.
09 September 2019
Check in response to the notice revised return can be filled.
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