Charitable Trust
This query is : Resolved
02 September 2010
Dear Experts,
Kindly suggest me that which ITR should I upload and what should be the taxability for a charitable trust for FY 2009-10.
Details:
Donation Received - Rs.30,000
Depreciation - Rs. 9,000
Expenses incl. depreciation Rs.15,000
Kindly suggest me that which ITR should I upload and what should be the taxability for a charitable trust for FY 2009-10.
Details:
Donation Received - Rs.30,000
Depreciation - Rs. 9,000
Expenses incl. depreciation Rs.15,000
02 September 2010
ITR 7 may be filed manually. Tax liability is nil, income being less than the basic exemption limit.
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02 September 2010
Thank you sir, that means the Trusts are following Individual Tax Rates. But then what is 85%-15% criteria. Can you please explain.
Also if the Net Surplus is below taxable limits then do we need to file the Return?
Also if the Net Surplus is below taxable limits then do we need to file the Return?
02 September 2010
Thank you sir, that means the Trusts are following Individual Tax Rates. But then what is 85%-15% criteria. Can you please explain.
Also if the Net Surplus is below taxable limits then do we need to file the Return?
Also if the Net Surplus is below taxable limits then do we need to file the Return?
04 September 2010
yes ITR 7 may be used but there is no e filing facility now available.
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04 September 2010
ITR-7 HAS TO BE FILED MANUALLY. hERE INCOME IS NOT EXCEEDED THE EXEMPTION LIMIT OF rS.160000 . HENCE nO AUDIT REPORT HAS TO BE OBTAINED. yOU HAVE TO EXPEND 85% OF INCOME TOWARDS EXPENDITURE.In your case rs.24000 (80% of Rs.30000) you have to be expended.
ITR-7 HAS TO BE FILED MANUALLY. hERE INCOME IS NOT EXCEEDED THE EXEMPTION LIMIT OF rS.160000 . HENCE nO AUDIT REPORT HAS TO BE OBTAINED. yOU HAVE TO EXPEND 85% OF INCOME TOWARDS EXPENDITURE.In your case rs.24000 (80% of Rs.30000) you have to be expended.
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04 September 2010
Thank you Experts. But my question still stands?
1) Do I need to file the Return in the above case?
2) What if the total expended is only 60% and not 85% per rule?
Please guide me?
1) Do I need to file the Return in the above case?
2) What if the total expended is only 60% and not 85% per rule?
Please guide me?
05 September 2010
in your case the 85% criteria is not applicable as the income itself is below the basic exemption of Rs 1.60 lakhs and no tax is payable. for charitable trusts there is a provision to get 100% exemption if you get registered with the commissioner of Income tax under section 12AA of the Income Tax Act.
In case your income is below 1.60 lakhs, such registration may not be necessary.
In high income cases, if you donot "apply" 85% of your gross receipts in the same year, the trust may file Form No 10 under section 11(2) opting to carry forword the unapplied income to the next year but it shall not be allowed to be carried forword beyond 5 years
In case your income is below 1.60 lakhs, such registration may not be necessary.
In high income cases, if you donot "apply" 85% of your gross receipts in the same year, the trust may file Form No 10 under section 11(2) opting to carry forword the unapplied income to the next year but it shall not be allowed to be carried forword beyond 5 years
05 September 2010
in your case you need not file the Return also
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