Delayed filing of Income Tax returns for Charitable Trusts

Mr.Jishnu V.Nair The relevant form for filing return of income of a charitable trust is ITR 7. The said form should be filed manually only. The following documents/statments should be attached to the return of income.

(1)Audit Report 

(2) Audited  Financial Statements - Income and Expenditure Account and Balance Sheet

(3) Computation statement containing the details of income and application of the said income for charitable purposes

(4) A statement contianing the names and addresses of the author of the trust or office bearers of the society

(5) A statement containing the details of donations received i.e. name and address of each donor and the amount of donation and the relationship of the donor with the trust or trustees or office bearers

(6) A certificate from the trustees or office bearers to the effect that no income or none of the assets either directly or indirectly utilised for the benefit of the authror of the trust, trustees, office bearers or their relatives or to any concern in which the trutees or office bearers are having substantial interest or for the benefit of the donors who have made substantial contribution.

(7) Xerox copy of the Registration Certificate u/s 12A

(8) Xerox copy of certificate of approval u/s 80G.

Best Wishes

Sathikonda

Sir,

Again my doubt is that

How much amount they have to pay as income Tax during this years and what percentage of interest they have to pay for the belated payments?

kinldy advised me in this matter

Sir,

Can any body clarify my doubt pls

Dear Jishnu,

 Trust registered u/s 12A is assessable as per Individual Slab, therefore since its total inacome was below Exemption limit then there is no need to deposit any tax or return

THE INCOME OF THE TRUST OR INSTITUTION UNDER QUESTION DOES NOT EXCEED THE BASIC EXEMPTION LIMIT PRESCRIBED ....HENCE THE INSTITUTION IS NOT COMPULSARILY REQUIRED TO GET ITS ACCOUNTS AUDITED ....FROM YOUR QUESTION IT IS NOT CLEAR WHETHER THE INSTITUTION IS REGISTERED UNDER 12A OR NOT ....IF IT IS THEN GETTING ITS ACCOUNTS AUDITED  AND FILING OF INCOMETAX  RETURN IS MUST ....AND THE QUANTUM OF SURPLUS OR DEFICIT IS IMMATERIAL ...AS YOUR QUESTION IS BASED ON THE FINANCIAL YEAR RETURN FOR BOTH THE YEARS CAN BE FILED AT A TIME BEFORE 31.03.2010...

DOCUMENTS RQUIRED FOR REGISTRATION UNDER SECTION 12A:

1. INSTRUMENT THROUGH WHICH TRUST OR INSTITUTION WAS CREATED ..I.e. TRUST DEED IN CASE OF 

    TRUST AND MEMORANDUM  IN THE CASE OF SOCITIES .

2. CERTIFICATE OF REGISTRATION .

3. LAST THREE YEARS AUDITED ACCOUNTS ...WITH THE AUDIT REPORT IN FORM 10B

4.IN YOUR CASE AS THERE IS COSIDERABLE DELAY IN FILING THE REGISTRATION PAPERS A PETITION     FOR CONDONATION OF DELAY .( under section 12A this should be within one year from the date of creation )

5 LIST BEARING NAME AND ADDRESS OF THE FOUNDER MEMBERS OF THE INSTITUTION 

6 LIST BEARING NAME AND ADDRESS OF THE PRESENT MEMBERS OF THE GOVERNING COUNCIL OR EXECUTIVE COMMITTEE.

7. THE FORM OF APPLICATION IS 10A

ALL THE ABOVE DOCUMENTS ARE TO BE PREPARED IN TRIPLICATE ( two will be attached with the application and one for your records)

ALL THE ABOVEMENTIONED DOUMENTS ARE REQUIRED TO BE ATTESTED AS TRUE COPY BY THE HEAD OF THE INSTITUTION DIRECTOR ,EXECUTIVE DIRECTOR , CHAIRMAN etc

PLZ NOTE THAT EACH AND EVERY PAGE IS REQUIRED TO BE ATTESTED NOT THE FIRST PAGE ONLY AS BEING THE USUAL PRACTICE....

IF FURTHER CLARIFICATION IS NEEDED PLZ WRITE BACK

WITH THANKS & REGARDS

SANJAY

PREPARE ACTIVITY REPORT OF THE INSTITUTION IN ADVANCE TO BE BETTER PREPARED AND ATTACH THE SAME ALONGWITH YOUR APPLICATION .

THE APPLICATION IS TO BE MADE TO THE OFFICE OF THE COMMISSIONER OF THE INCOME TAX HAVING JURISDICTION OVER YOUR AREA

SANJAY