Computation of the trust
This query is : Resolved
CHANDRAKALA
(Querist)
01 December 2018
we received non corpus and corpus donations of the Trust. 15% of income to be carry forward from non corpus donation after deduction ,we spend expenses more then the income. How to do the computation as per IT Act (it is registered u/s 1 2A of the IT Act) . In ITR-7 we have received 143(1)(a) in that " you are claimed more than the income offered in Sl.No.2". In this return Amount applied to charitable purpose in India during the previous year is more then the income. How to disclose in ITR-7. Please suggest me sir
Amol S Joglekar
(Expert)
02 December 2018
having 12A registration, you can have expenses more than income.no issues
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