Assessment of Trust

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 July 2010 Trust A has a FDR amount of Rs. 50 Lacs on which trust is not taking a Intrest Income insted of this Trust only increse its FDR value in B/s, My Query is while Trust taking its total interest up to till date in this year, whether it should take the interest amount net of TDS (after TDS) or Gross Interest amount because of TDS for earlier year can not claim in this year, or we can say what is the accounting treatment for TDS which was deducted by the banks but Now Trust cannot claim.

Other query is Trust A was not claiming Depreciation on Assets in earliers, this year Trust wants to taking Depreciation on its Assets, whether Trust can take a Dep. on the Book value or first we have to calculate the WDV of as on date and than we calculate the Dep. for the year.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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24 July 2010 NO INTEREST WILL BE SHOWN AS GROSS AMOUNT.

AND FOR DEPRECIATION, IT WILL BW CALCULATED ON GROSS VALUE.

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