It return for private discretionary trust.
This query is : Resolved
26 December 2013
can anybody tell how to compute the income of private discretionary trust?? which ITR to be filed for above trust( it is family will trust)?? plz help me
26 December 2013
please use ITR 5. with regards to computation, normal methods are used. No special exemption is given for private discretionary trusts.
27 December 2013
depends on your PAN. if the fourth digit of your PAN is T, then trust. If it is A, then AOP.
27 December 2013
it is family will trust and in PAN it is T.our trust income is business income and it has only one beneficiary.so i read the provision in income tax book the tax rate applicable is 30.9%
27 December 2013
and in our income tax software if i select the person as Trust then by default it select the ITR-7.
27 December 2013
yes. it shall be taxed at 30.9%. please refer this wonderful article on trusts:
http://article.viewsandissues.org/2013/05/22/taxation-of-private-trust-tax-planning-by-ca-bhupesh-kumar-shah/
http://article.viewsandissues.org/2013/05/22/taxation-of-private-trust-tax-planning-by-ca-bhupesh-kumar-shah/
28 December 2013
You are welcome Rushi.
02 January 2014
Audit of Private Trust is Mandatory? and what is the due date for filing the return of Private Trust???
02 January 2014
well the audit under income tax act will be governed by 44AB. If the audit is applicable due date should be 30th sept or any other date if extension is provided by CBDT.
In case no audit is applicable, due date should be 31st July or any other date prescribed by CBDT in case extension is given.
In case no audit is applicable, due date should be 31st July or any other date prescribed by CBDT in case extension is given.
02 January 2014
So only if trust turnover more than 1 crore than only audit is applicable
02 January 2014
yes if it is business income. in case activities of the trust are professional in nature, then 44AB(b) shall apply - Rs 25 lakhs!!
02 January 2014
you are welcome friend and a Happy New Year..
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