Trust's total income >160000 not regd. under it act ?
This query is : Resolved
21 November 2011
hello friends a trust has been formed five years ago which is registered under Bombay public trust Act.
during f.y. 07-08 to 09-10 it's net profit was below 100000/-.
in 10-11 it net profit was 200000
for all those years no tax was paid and no return was filed under income tax act.?
should he get the trust registered under the income tax act in f.y. 2011-12, what are the consequences ?
during f.y. 07-08 to 09-10 it's net profit was below 100000/-.
in 10-11 it net profit was 200000
for all those years no tax was paid and no return was filed under income tax act.?
should he get the trust registered under the income tax act in f.y. 2011-12, what are the consequences ?
21 November 2011
Yes, the tax apllicable should be paid alongwith interest.
21 November 2011
File Directly IT Return For Fy10-11, and Pay Tax Along With Interest.
If not Filled Within 31/3/12 Then Penalty Also Applicable.
If not Filled Within 31/3/12 Then Penalty Also Applicable.
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