I want to enquire about religious trust. It was established in 2004 but did not got registered at the time of establishment. Trust purchased land and made payment from account of member as they do not have account in the name of trust.So i want to know about the accounting treatment. can i credit that personal account.
08 September 2009
To get exemption trust should be registered with Commissioner of Income Tax.Also no retrospective registration is possible, from the year of application and registration exemption will be available. for the non registered period trust will be assesed as AOP.
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