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Which itr applicability for private trust ??

vivek rajpurohit (CA Practice ) (34 Points)

09 May 2016

PRIVATE TRUST IN AY 2014-15 FILED ITR 5 ONLY INTEREST INCOME RS 125500/- FILLING ITR THAT TIME NO TAX PAYABLE BUT IT DEPT ISSUE INTIMATION U/S 143 TAX @ 30% MMR RATE . SAME CASE AY 2015-16 FOR WHICH ITR FILE BY ME PLEASE ADVICE AND WHAT DO FOR AY 2014-15 TAX PAYMENT MADE OR RECTIFICATION U/S 154 . PLEASE ADVICE ???

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7 Replies

CA Chirag (Chirag Sheth & Associates) (1183 Points)
Replied 09 May 2016

for trust it is itr7

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CA Chirag (Chirag Sheth & Associates) (1183 Points)
Replied 09 May 2016

for trust it is itr7

sravan (article student) (86 Points)
Replied 09 May 2016

File ITR 7.. Any Income received should be computed as Income form other sources.. 85% of funds

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sravan (article student) (86 Points)
Replied 09 May 2016

File ITR 7 .. Any income received should be offer as income from other sources.. Expenses incurred for the purpose of meeting the Treat objective should be deducted from the Income offered In Income from Other Sources.

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CA R SEETHARAMAN (CA Practice ) (146874 Points)
Replied 10 May 2016

ITR 7 is applicable only for charitable trust.

This is a private trust so ITR 5 filed is inorder.

In the retun if you say yes for the foolowing query then 30 % rate is applicable. Take care while filing the current return.

D Whether total income of any member of the AOP/BOI (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member? (Tick)   Yes  No

For AY 2014-15 if you have rightly filled the ITR seek rectification u/s 154.

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vivek rajpurohit (CA Practice ) (34 Points)
Replied 16 May 2016

thanks sir