Whether the Applicability of Income for Trusts includes both Revenue Expenditure and Capital Expenditure or should we take into account only Revenue Expenditure.
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The application of income should be for the purpose for which it was created, such application can be towards an asset as well as expenditure.
Dear Sir,
Please answer my query.
One of my client is doing business of producing and selling sweets. He does not have office he is doing from his home Now he wants to file his returns . How It has to be done?
He has to determine his income from his business and see whether it is taxable. If taxable, he has to file the return in the prescribed form.
He is doing Rs. 400000 turnover for a year. Now he want bank account and loan from bank to expand
CAclubindia
