Welfare Society
This query is : Resolved
20 March 2009
A Welfare Society (NGO)working for last 3 years and not filed its IT Retrn. However Surplus was aroung 50,000. It had not yet applied for 80G neither it has been registered under section 12A i.e. any exemption benefit. Now, i want to file IT return for the last two years.
1. Can anyone tell me whic ITR Form will be applicable? Is the treatment is like a Trust or an AOP.
2. And IS The normal Tax Slab would be applicable untill it apply for 80G?
3. Is FBT would be applicable untill it get registration under section 12A.
1. Can anyone tell me whic ITR Form will be applicable? Is the treatment is like a Trust or an AOP.
2. And IS The normal Tax Slab would be applicable untill it apply for 80G?
3. Is FBT would be applicable untill it get registration under section 12A.
20 March 2009
As the application is not made as per the requirement of law, in my opinion, the NGO will be treated same as proprietorship. So ITR 4 should be submitted as the income will be considered as business income
2) The tax rate will be applied as to the individual
3) as the FBT is not required to proprietor FBT is not liable.
(I have assumed that the NGO is considered as properitorship, if its considered as partnership, the answer will be different.)
2) The tax rate will be applied as to the individual
3) as the FBT is not required to proprietor FBT is not liable.
(I have assumed that the NGO is considered as properitorship, if its considered as partnership, the answer will be different.)
20 March 2009
it will be taxed as AOP at maximum marginal rate
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Is online PGCE worth it?
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
