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School bus

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(Querist)
28 March 2014 Dear Experts,

Kindly guide me on the advantages of buying a school bus for a school (under Charitable Trust) on Tax Front & Balance sheet front. Now we have hired school buses & planning to buy.Kindly give your valuable suggestions on Hire Vs Purchase of school bus.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
28 March 2014 then it will be allowed as income applied for charitable purpose and no tax on such exp u made....
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Nisha Mishra

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Nisha Mishra (Querist)
28 March 2014 Kindly elaborate. This is not Income. Depreciation will have tax benefit.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
28 March 2014 it is income only b4 u pay to buy then its a valid exp which income tax dept will allow...every exp is first income only when its allowed it becomes an exp in income tax act.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
29 March 2014 The benefit is not in term of depreciation. The benefit (application of income) is provided in the year you buy the bus itself.
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