Trust

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Palak Nandi (Querist)
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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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

Palak Nandi

Palak Nandi (Querist)
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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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 May 2012 The trust fund is carried forward.

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