Employee gratuity trust
This query is : Resolved
13 March 2018
Hi,
A company has formed an Employee Gratuity Trust (Trust) in September 2016 and has maintained fund with LIC. The necessary application for obtaining approval of the Trust is filed with CCIT in August 2017, but the same is not approved (reasons unknown) till date. The Trust has earned interest income of approx 45000 in FY 2016-17. Would this income be taxable or not taxable for FY 2016-17 ? Under which section? Which ITR to be filed for this year?
Request your urgent response to this!!
Many thanks in advance!!
Regards,
Vaishali
A company has formed an Employee Gratuity Trust (Trust) in September 2016 and has maintained fund with LIC. The necessary application for obtaining approval of the Trust is filed with CCIT in August 2017, but the same is not approved (reasons unknown) till date. The Trust has earned interest income of approx 45000 in FY 2016-17. Would this income be taxable or not taxable for FY 2016-17 ? Under which section? Which ITR to be filed for this year?
Request your urgent response to this!!
Many thanks in advance!!
Regards,
Vaishali
13 March 2018
File ITR 5 as AOP tax payable at 30% maximum marginal rate on interest earned.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
