Trust
This query is : Resolved
28 February 2012
There is a Trust which gets registered on 15/08/2010. What will be the procedure for closing the accounts of such trust? Is the previous trust fund required to be closed for the year starting from 16/08/2010?
12 May 2012
In case the businees is set up during the year the first financial year shall be from the date of setting up business to subsequent 31st March.
In this case the period will be 15.08.2010 to 31.3.2011.
In this case the period will be 15.08.2010 to 31.3.2011.
12 May 2012
In this case, is the trust fund required to be carried forward or new fund is to be set up in the new financial year?
12 May 2012
The trust fund is carried forward.
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