Trust audit

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saitejaswi (Querist)

24 July 2014 Please say Whether depreciation on trust assets can be claimed also whether that depreciation loss can be carried forward or not?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

24 July 2014 yes it is allowed there is no restriction on the same..

saitejaswi

saitejaswi (Querist)

24 July 2014 Thank u & is there any specific section regarding to it?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

24 July 2014 when there is no restriction there is no provision restricting the same.

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Nikhil Kaushik

Nikhil Kaushik (Expert)

25 July 2014 while you have just referred to trusts, it is advised that in case of charitable trusts you take into consideration the amendment to section 11 and section 10(23c) of the income tax act 1961 as provided under finance act 2014.

After the amendments made, depreciation shall not be considered as application of funds if in earlier years the acquisition of the said asset has been claimed as an application of income. (wef 1 April 2015)

Please refer section 11(6) and explanation to eighteenth proviso to 10(23C).

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