29 January 2022
Can a trust carry forward deficiency i.e excess of appl over receipt ? In fy 20-21 trust has receipt rs 10,00,000 of which application is rs 12,00,000 ? Can this deficiency rs 200000 be carried forward and set off against receipts in fy 21-22 ?
29 January 2022
Yes, SC ruling in Subros Educational Society, where it was held that excess expenditure by a trust is allowed to be set off against income of subsequent years.
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