CA Abhishek Singh (practice) (2105 Points)
24 June 2013Hello everyone,
one of my client is a public trust. It is not registered under the income tax act. in the py 2012-13
it has received total donation of Rs.300000 but its excess of income over expenditure is Rs.150000/-
My question :
whether it is compulsory to file ROI ? waiting for the views of the experts.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 24 June 2013
the trust is requierd to accumulate income only upto the extent of 15% of the total receipts as shown in the I&E Account.
If the income exceeds the 15% limit, then th etrust is requried to pay tax on it. however if it has made arrangements to utilize the excess for teh objects of the trust then it can be exempted from pymt of tax.
however it has to mandtorily file the ROI for this.
K.T.Antony
(Chartered Accountant)
(68 Points)
Replied 26 June 2013
A Charitable Trust is eligible to Income Tax Exemption only if it is registered with the Commissioner Of Income tax and IT return filed in time. Other wise the income is taxable at 30%.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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