Aarush (Delhi) 18 September 2009
A turst whos income tax return is filed regurlarly and within time limit - from last several years - but from last 2-3 trust is in loss.
in current year trust is in profit.
My question is can we set off this loss in the current or not ............ ? What is the Sec if it can ? and is there any Case law for this?
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santhosh (CA) 18 September 2009
Mention clearly whether is recoginsed by the commsioner for exemption or its just a Private trust which is not reg for any benefits. If the trust is second category then you can set off losses and balance is taxed at MMR (33.99%)
CA Dishang Shah (Partner) 27 May 2011
Please find following details:
Now my queries are: