12 July 2012
We had applied for approval of Employees Gratuity Trust of our Private Limited Company in 2007. In 2010 our jurisdiction changed and then we have to file a fresh application for approval. Since then approval is pending with the IT Department. Now we approached them about the approval, they ask us to file the return of the trust. We filed for A.Y. 2012-13. My Query is (a) Whether filing of return for the Trust is mandatory, (b) IS approval from IT time barred and (c) what we should do now? Kindly help.
12 July 2012
if total income or the total income of any other person in respect of which it is assessable under this Act during the previous year exceeded the maximum amount(Rs.180000) which is not chargeable to income-tax then only is is liable for filing the return
Total income of the trust is below 1,80,000/- but I could not understand the meaning of 'any other person'. do you mean 'Trustees' or someone else. please explain.
CAclubindia
