Depreciation in Trust Assets
This query is : Resolved
12 November 2022
Hi,
I join as Accountant in a School of a Trust , Trust having multipole project, Commercial and Charitable
I see that school not taking depreciation in a account
please guide me on trust assets which he purchased for depreciation and some more special concern about this
I join as Accountant in a School of a Trust , Trust having multipole project, Commercial and Charitable
I see that school not taking depreciation in a account
please guide me on trust assets which he purchased for depreciation and some more special concern about this
12 November 2022
In case of charitable and educational trust entire purchase of assets were treated as application of funds.
Hence no depreciation charged in the accounts.
Hence no depreciation charged in the accounts.
12 November 2022
what is application of funds
and what will be the treatment of purchase of assets in trust a/c
and what will be the treatment of purchase of assets in trust a/c
12 November 2022
Entire purchase of fixed assets is allowed as deduction from the income and donations of the trust as application of funds.
85% of the donations and income received is applied for charitable activities and purchase of assets for charitable activities then no income tax applicable on the trust.
85% of the donations and income received is applied for charitable activities and purchase of assets for charitable activities then no income tax applicable on the trust.
15 November 2022
i'm basically handling only school project of the trust, school is financially independent from trust , its have its own income and exp. so please suggest me accordingly
15 November 2022
School will be part of charitable activities of the trust.
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