10 February 2020
Can a charitable trust, that has been registered for a long period of time (say about 50-70 years), which does not any bank accounts, income tax reports, 10B or any financial documents for that matter, be registered under section 12A? Even better, can it apply for PAN card ? Suppose it gets registered u/s 12A, then will there be any repercussions for not registering it under the same for so many years? If it doesn't get a 12A certification, then what would the tax slab be?
10 February 2020
Better now to obtain PAN and register u/s 12A. No repurcussion if not much accumulation of income. If 12A registration not granted slab rate of individual applicable.
CAclubindia
