| We have been computing the income of the trusts as below. I have confusion with the way of calculation. Is it justifiable? Pls advice. | |||
| COMPUTATION OF TAXABLE INCOME OF XXXC(TRUST) | |||
| Particulars | Amount | Amount | Amount |
| Gross Income | 44,96,028.00 | ||
| Less : Applied in India for charitable purposes u/s 11 | |||
| - 11(1)(a&b) : Applied in India | |||
| Total expenses applied as per I&E A/c | 30,26,226.00 | ||
| Capital Expenditure as per B/S | 2,60,830.00 | ||
| Expenditure of earlier years brought forward | 2,26,465.00 | 35,13,521.00 | |
| - 11(2) : Amount accumulated for specified purpose | 5,68,933.00 | ||
| - Accumulation to the extent of 15% | 4,13,574.00 (Balancing figure ie, 44,96,028.00-35,13,521.00-5,68,933.00) | 44,96,028.00 | |
| Income after application | Nil | ||
| Taxable Income | Nil | ||
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Doubt abt calculation
Replies (1)
1.Brought Forward Expenditure should not reduced as it had been deemed applied by 11(1)(a) or (b)
2. If capex is reduced then make sure depreciation on such capex is not cliamed in income & Exp. A/c.
3. 15% is of Gross Receipts. 15%*4496028
4. Correspondingly accumulation u/s 11(2) will be changed.
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