vaibhav (M.Com. CA ) (178 Points)
10 January 2014DEAR FRIENDS
KINDLY LET ME KNOW
1. WHETHER A TRUST NOT REGISTERED U/S 12A CAN FILE ITS INCOME TAX RETURN WITHOUT CLAIMING EXEMPTION U/S 11 AND 12 AND WITHOUT REGISTERED U/S 12A.
2. IF YES THEN WHICH ITR.
3. AUDIT OF BOOKS IS REQUIRED.
4. A SOCIETY REG U/S SOC REG ACT 1860 IS TO FILE IT RETURN AS AOP OR OTHER LAW APPLIES?
THANKS AND OBLIZE
CA VAIBHAV
9414396982
1. yes
2. ITR 5
3. not sure, sorry
4. A society, if it is a mutual association, the Income will be exempt on the principal of mutuality (eg club, apartment owner's association) The return would be filed as AOP ITR5
[Similarly, in the cases of registered societies, trade and professional associations, social and sports clubs, charitable or religious trusts, etc., where the members or trustees are not entitled to any share in the income of the association of persons, the provisions of new section 167A will not be attracted and, accordingly, tax will be payable in such cases at the rate ordinarily applicable to the total income of an association of persons and not at the maximum marginal rate.
Circular : No. 320 [F. No. 131(31)/81-TP(Pt.)], dated 11-1-1982.]
Vishal
(Student)
(154 Points)
Replied 22 January 2014
Income Tax Department, on June 11, 2013 issued a notification by which make it compulsory to file e-Return (ITR-7) for all the entities who is enjoying benefit of Tax under section 12A of Income Tax Act.
CA Tripti
(CA Practice )
(29 Points)
Replied 19 June 2014
In case of an Association of an apartment owners whch ITR is to be filed and how to claim benefit of Principle of Mutualism
In case of ITR 7 - purposes mentioned doesnt cover association of apartment owners
In case of ITR5 - if P&L is filled up, how to show net surplus as exempt for tax. Also please let me know rate at which Interest on FD would be taxable (maximum marginal rate or slab rate with slab benefit.
Thanks
The excess is income over expenses is to be claimed exempt under 'any other exempt income' while filling the ITR 5 for mutual asssociations.
It is a much debated issue whether interest from bank deposits will be taxable as per slabs or at 30%. But while filling the ITR 5 a question is asked whether the shares of AOP are determinate or not. when we choose the option indeterminate, Tax is calculated automatically @ 30%.
Mutual associations have been receiving notices from IT dept that their entire income is taxable @ 30%. But in my view slab rates ARE applicable as mentioned in the CBDT circular above.
CA Tripti
(CA Practice )
(29 Points)
Replied 23 June 2014
Is a housig owners association of person having receipts from less than 1 cr is liable to deduct TDS u/s. 94C?
CA Tripti
(CA Practice )
(29 Points)
Replied 24 June 2014
chandra
(audit assistant)
(58 Points)
Replied 09 December 2014
the fourth letter in the PAN is T. the ITR 5 is not allowing to upload. if the turst is not registered then can we file ITR 7 please calrify
CA R.KANDASAMY
(CA Practice )
(44 Points)
Replied 09 August 2015
Hello
In case of Religious societies, the CPC assessments are being made at maximum marginal rates, hence due representations to be made based on the Circular : No. 320 [F. No. 131(31)/81-TP(Pt.)], dated 11-1-1982.
CA R. Kandasamy
RAHULSMITTAL
(Partner, V Mittal & Co)
(252 Points)
Replied 16 January 2017
what will be the case for educational society registered under societies act and not under income tax
CAclubindia
