Question ID :
44829
Resolution for accumulation of Surplus income
Dear All, A 12AB registered Trust wants to accumulate its surplus income for application in the future years. Since the accounts are not yet finalised, they were unable to determine the amount. Do the trust need to pass the resolution for accumulation before the year end i.e. 31/03/25 or is it ok for them to pass the resolution once the accounts are finalised and file the Form 10 before the due date. Thanks.
Posted by
CA. VASUDEVAN P K
on
Mar 24, 2025
Filed Under
DIRECT TAXES
The resolution can be passed after finalization of accounts, but before filing of Form 10. Also specific purpose for accumulation and amount accumulated should be mentioned in the resolution.
Posted by
CA. chunauti dholakia on
Mar 24, 2025
Answer ID :
85755
since figures are available only after closure of accounts you can file it later
Posted by
SIVADAS CHETTOOR on
Mar 28, 2025