24 January 2024
ONE OF MY TRUST CLIENT INCOME BELOW 5 CR THEN FILLED 10BB DUE COURSE,THEN AFTER RS. 20LAKH INCOME NOT TAKEN AT THAT TIME NOW CONSIDER THAT INCOME SO MY TRUST INCOME IS MORE THAN 5 CR,CAN I FILLED NEW FORM 10B AND UPDATED TRUST RETURN
09 July 2024
If your trust's income has crossed the threshold of Rs. 5 crore, you should update your trust's return accordingly. Here are the steps you should consider:
1. **Reassessment of Income:** - Since your trust's income now exceeds Rs. 5 crore due to the additional Rs. 20 lakh income that was not considered previously, you need to reassess your trust's financials.
2. **Update Form 10BB:** - Since Form 10BB was filed when the income was below Rs. 5 crore, you should now update it to reflect the revised income figures.
3. **File Revised Trust Return:** - Prepare and file a revised trust return (Income Tax Return) with the updated financials, including the additional Rs. 20 lakh income.
4. **Use New Forms as Applicable:** - If the original Form 10B (Trust's Income Tax Return) needs to be updated or if there's a new form (such as Form 10B) that applies due to the change in income threshold, ensure that you use the correct form as per the latest regulations and guidelines.
5. **Compliance with Tax Authorities:** - Ensure that all updates and revisions are compliant with the requirements of the Income Tax Department. This includes timely filing and accuracy in reporting the revised income.
**Consult with a Tax Professional:** - Given the complexity involved in updating trust returns and forms, it's advisable to consult with a tax professional or a chartered accountant who can guide you through the process and ensure compliance with the Income Tax Act and Rules.
By following these steps and seeking professional advice as needed, you can effectively update your trust's income details and fulfill your tax obligations accurately.
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