Deficit in case of trust
This query is : Resolved
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
Kindly guide me in this matter.
Thanks
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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