Trust not registered u/s 12a for past 16years

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2018 THE TRUST HAS FORMED IN THE YEAR 2002 AND THERE IS NO CHARITY ACTIVITY DONE TILL DATE. AMOUNT OF Rs 10,00,000/- WAS DEPOSITED IN BANK IN THE YEAR 2002 FOR THE CURRENT YEAR THE AMOUNT WAS NEARLY 15,00,000/- IN 2017 MARCH, NOT EVEN A SINGLE RUPEE WAS SPENT TILL DATE FOR CHARITY.SHOULD THE TRUST GET REGISTERED NOW UNDER 12A OF INCOME TAX ?? WHAT ARE THE CONSEQUENCES.
WE WANT TO SPEND THE AMOUNT NOW

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

18 January 2018 No consequences register under 12a and start charitable activities.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2018 sir shall we pay tax for that 10,00,000/- which was deposited in bank 16 years ago, TDS got deducted for that amount @ 20% and now the amount was nearly 15,00,000 in the Bank a/c

Upgrade to CAclubindia Pro. Subscribe Now!

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

19 January 2018 No tax payable as yearly taxes will be below taxable limit.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2018 Sir ,
But the total income of AOP/BOI is taxable at rates appilcable to individual or at maximum marginal rates or at higher than maxium margin rates when it is not registered under 12A