Trust
This query is : Resolved
24 December 2013
a trust has excess of income over expenses. can it claim expenses on purchase of Fixed Asset in its statement?
what will be its position in the same situation in case of more of expenses over income?
or
the answer is to claim expense on FA in both the situation?
what will be its position in the same situation in case of more of expenses over income?
or
the answer is to claim expense on FA in both the situation?
24 December 2013
Fixed assets should be shown in the balance sheet in both the above situations.
Cost incurred for acquiring fixed assets can be claimed as 'amount spent for charitable purpose' under section 11(1)(a), in both situations referred above, if the trust is registered under section 12A of the Income tax Act,1961.
Cost incurred for acquiring fixed assets can be claimed as 'amount spent for charitable purpose' under section 11(1)(a), in both situations referred above, if the trust is registered under section 12A of the Income tax Act,1961.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- Requirement under FEMA &RBI
- REGARDING ITR FILING QUESTION
- GST ISD Query on various AMCs
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Missed TDS
- TDS NOT YET CREDIED
- PF wage ceiling
- Itr processing refund
- GST REGISTRATION REQUIRED TO DIAGNOSTIC UNIT
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
