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.
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