15 July 2013
we are running a public trust which is not registered with the income tax department. my queries regarding the same are as follows: 1. what will be the status of the trust ( it has its pan card in which it refers itself to be a trust) (whethet individual or AOP)and whether their net incomes are taxable? 2.are there any income slabs for it? 3.is it necessary to show some capital fund? 4.are corpus funds exempt for them even if they are not registered with the income tax? 5.does the accounts need to be audited and if so under what section?
16 July 2013
1. Its income wiil be assesable & Taxable as trust.it is not mandatory to register as trust in income tax. 2. No Specific slab rate of it. the tax is calculated as per Section 12 of income tax act. 3. Yes 4. Yes. 5. Section 12A(b) of income tax act.
19 July 2013
as per my discussion with the income tax department official he says unless the trust gets registered u/s 12AA he cannot file the income tax returns. Is he right in saying so? If yes then registration might take 7 months till then september due date may lapse so what to do in such case?
CAclubindia
