Trusts Can Offset Earlier Expenses Against Later Income for Tax Exemption u/s 11 of Income Tax Act.

Trusts Can Offset Earlier Expenses Against Later Income for Tax Exemption u/s 11 of Income Tax Act. https://www.taxtmi.com/highlights?id=52381 Assessment of trust - Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust had incurred expenditure on religious and charitable purposes from the income of the subsequent year, even though the actual expenditure was in the earlier years, if in the books of account of the trust such earlier expenditure had been set off against the income of the subsequent year. - AT en-us Tue, 17 Mar 2020 10:58:52 +0530 Tue, 17 Mar 2020 10:58:52 +0530 TaxTMI RSS Generator Trusts Can Offset Earlier Expenses Against Later Income for Tax Exemption u/s 11 of Income Tax Act. https://www.taxtmi.com/highlights?id=52381 Assessment of trust - Exemption u/s 11 - The expenditure, if incurred in an earlier year is adjusted against the income of a later year, it has to be held that the trust had incurred expenditure on religious and charitable purposes from the income of the subsequent year, even though the actual expenditure was in the earlier years, if in the books of account of the trust such earlier expenditure had been set off against the income of the subsequent year. - AT Highlights Income Tax Tue, 17 Mar 2020 10:58:52 +0530 https://www.taxtmi.com/highlights?id=52381