Education Institution
This query is : Resolved
23 June 2010
For exemption from income tax educational institutions have to spent 85% of income ,
pls clarify that for calculating the 85% amount whether depreciation will be included or excluded.
pls clarify that for calculating the 85% amount whether depreciation will be included or excluded.
23 June 2010
Depreciation can be included. The reason is the word used therein is "applied" and not "spent". The Andhra Pradesh High court in CIT Vs. Trustees of H.E.H The Nizam's Charitable Trust (1981) 131 ITR 497 had decided that the word 'applied' cannot be equated with 'spent'.
24 June 2010
It means the both the Capital Expenditure & Depreciation will be allowed for calculating the 85% amount. It will be the double deduction ?????...
11 July 2010
Ist Query:-
For exemption from income tax educational institutions have to spent 85% of income ,
pls clarify that for calculating the 85% amount whether depreciation will be included or excluded.
Ist Reply by:
B.Chackrapani Warrier
( Expert )
23 June 2010
:
Depreciation can be included. The reason is the word used therein is "applied" and not "spent". The Andhra Pradesh High court in CIT Vs. Trustees of H.E.H The Nizam's Charitable Trust (1981) 131 ITR 497 had decided that the word 'applied' cannot be equated with 'spent'.
2nd Query:-
It means the both the Capital Expenditure & Depreciation will be allowed for calculating the 85% amount. It will be the double deduction ?????...
Reply : ??????
For exemption from income tax educational institutions have to spent 85% of income ,
pls clarify that for calculating the 85% amount whether depreciation will be included or excluded.
Ist Reply by:
B.Chackrapani Warrier
( Expert )
23 June 2010
:
Depreciation can be included. The reason is the word used therein is "applied" and not "spent". The Andhra Pradesh High court in CIT Vs. Trustees of H.E.H The Nizam's Charitable Trust (1981) 131 ITR 497 had decided that the word 'applied' cannot be equated with 'spent'.
2nd Query:-
It means the both the Capital Expenditure & Depreciation will be allowed for calculating the 85% amount. It will be the double deduction ?????...
Reply : ??????
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