UTILISATION OF INCOME FOR ACQUIRING FIXED ASSETS WII BE TREATED AS APPLICATION OF INCOME FOR CALCULATING 85% OF THE iNCOME?
Menu
Application of Income Regarding Capital Expenditure
Replies (2)
CAN U ELABORATE??
Hi,
I hope Mr Ganguly's question relates to application of income of a charitable trust.
In that case, the answer is affirmative. The acquisition of Fixed assets will amount to application of income subject to the fact that the assets are requird for the purpose of carrying-on the purpose of trust.
Recent Topic
- AIS UTILITY
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
Related Topics
CAclubindia
