Trust Taxation URGENT

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2010 If a charitable trust is not fulfilling condition for exemption, how it will be taxed? What will be tax slabs and rates applicable to it?
If such trust is fulfilling exemption condition in 1st year and 3rd year but not in 2nd year, whether it is eligible for exemption in 1st and 3rd year? (Trust has not filed its income tax return for any of the 3 years)

CA Manish Agrawal

CA Manish Agrawal (Expert)
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12 April 2011 Plz Clarify !! Whether This Trust obtained Exemption Certificate in this Regard From Commissioner Income Tax for the Purpose Claiming Exemption as a Cahritable trust Income-in The First Year; Whether It has obtained renewal year after year about the Same. Whether It's Account's Got Audited in Stipulated Manner.
What is The Composition of Said Trust only Female Members Than it can avail exemption of 190000/- If Only Male Members it can avail 160000/- Thresold Limit.
Now You Are Saying That Not Filed return at ALL. You can not decide Yourself Whether The Trust is Eligible for Exemption or Not Year Over Year. There is CIT Sir.. To Decide the same. a trust can have funds and can invest the Money in Various income Generating Sources, After Generating The Same (Application of Those Benefits To be Deployed) as per Stipulations in Bye-Laws and CIT's Order/certificate of Exemption. Otherwise It will be Tax as an AOP, BOI, Partnership etc. as per the Circumstances of Your Case.

-- CA Manish J. Agrawal.