Itr-7
This query is : Resolved
04 April 2015
Dear Friends / Experts,
Please guide me on the following, IF POSSIBLE:
Query
Whether Schedule BP shall apply to Trust, which is solely engaged in charitable activities.
Your reply, please..............
What is the common and accepted practice for entering Income and Expenditure Details in Trust Return?
Your reply, please..............
Thanks in advance for possible replies from all concerned.
Please guide me on the following, IF POSSIBLE:
Query
Whether Schedule BP shall apply to Trust, which is solely engaged in charitable activities.
Your reply, please..............
What is the common and accepted practice for entering Income and Expenditure Details in Trust Return?
Your reply, please..............
Thanks in advance for possible replies from all concerned.
04 April 2015
Schedule BP shall not apply to trust which is solely engaged in charitable activities.
Normally income of the trust will be in the form of donations, interest income on deposits and income from trust properties.
The expenditure will be application of income for charitable purpose and administrative expenditure should be kept minimum. 85% of the income received during the year has to be applied for charitable purpose.
Normally income of the trust will be in the form of donations, interest income on deposits and income from trust properties.
The expenditure will be application of income for charitable purpose and administrative expenditure should be kept minimum. 85% of the income received during the year has to be applied for charitable purpose.
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