just wanted to know that 15% kept aside in case of Trust,whether we spend or apply it in future or it should be permanantly accumulated .Please provide some case laws
07 February 2009
If you have set aprat for any specific purpose by getting time from the Assessing office then you have to spend before that year otherwise it will trated as income of that year where the time expired.
If it is a genaral accumulation then you can carryover permanently also.
CAclubindia
