Public religious trust
This query is : Resolved
22 August 2011
A public religious trust maintaining a temple proposes to go for consecration (Kumbabhishekam)ceremnoy two yaers from w and started collecting donations for the same from now on.The questions are
1)how to treat the collections in the annual a/cs .Whether to treat is as revenue or liabilty
2>What will happen when filing IT return
3.What are the points to be taken care off like maintaining separate fund etc?
1)how to treat the collections in the annual a/cs .Whether to treat is as revenue or liabilty
2>What will happen when filing IT return
3.What are the points to be taken care off like maintaining separate fund etc?
22 August 2011
Take as corpus and keep in the liability side. On incurring the expenses the same is to be deducted from the liability and balance if any left unspent then transfer to capital reserve.
23 August 2011
Thanks a lot
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