Hello,
What is the status of a Society registered under Societies Registration Act, 1860 and a public charitable trust registered under 12A of income tax for the income tax purpose.
Please let me know judicial rulling (if any) in support of answer.
2 Replies
CA Tanvi Sheth
(Consultant)
(232 Points)
Replied 05 October 2016
Hello,
The society falls under the category of AOP/BOI as in the definition of 'PERSON" u/s 2(31) of income tax.
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 06 October 2016
yes ..tanvi is correct..
moreover.. Trust has separate identity. its taxation regime is separately framed and regulated. So dont get confused in Trust and Society.
Society is taxed at varried rates depending upon the nature of its members and their tax slab.. whereas trust has nothing to do with the trustee for determination of tax rate.
moreover.. Trust has separate identity. its taxation regime is separately framed and regulated. So dont get confused in Trust and Society.
Society is taxed at varried rates depending upon the nature of its members and their tax slab.. whereas trust has nothing to do with the trustee for determination of tax rate.
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