Surplus of income & expenditure of trust in it return.
This query is : Resolved
CA Atul Chauhan
(Querist)
13 August 2015
I have audited financial statement of welfare society (AOP) it shows surplus in income & expenditure a/c. when I prepare ITR 5, in which head such surplus will be clubbed whether in business head or other sources.
CA R SEETHARAMAN
(Expert)
13 August 2015
If the society is not doing any business show it under other income,
CA Ayush Agarwal
(Expert)
13 August 2015
Any Surplus should be shown under Business Head, although their intention is not business but ITR-5 is for AOP where you need to show your regular income under business group.
CA Atul Chauhan
(Querist)
13 August 2015
Such surplus is comprises of excess of donation and members contribution after welfare activitites.
CA R SEETHARAMAN
(Expert)
13 August 2015
Show it under other income.
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