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?
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%)
What is the treatement in the case of Registered trust? What sec is applicable for this??
Dear sir,
Please find following details:
Now my queries are:
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