Treatment of liab no longer required in case of trust
This query is : Resolved
22 June 2015
i have a client which is superannuation trust engaged in managing superannuation of employees. there are liabilities which are outstanding for more than 10 years and they dont have any information to whom these are paid so they decide it to treat as liab no longer required and take it as income in receipt and payment a/c in A.Y. 2015-16. please tell whether these liab. which are treated as income are taxable?
22 June 2015
If the trust is exempted trust then it will not be taxable.
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