Deficit in case of trust

This query is : Resolved

rajesh (Querist)
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27 August 2011 Educational trust has deficit in past two years. In the third year there is a surplus. Is it possible for trust to adjust surplus against past two years loss ?( in the same way as carried forward of loss in business profession).

Kindly guide me in this matter.

Thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 August 2011 If it is for the purpose of section 11 of the income tax Act,1961 excess application of earlier years can be adjusted in current year application.

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