12A registered trust has not filed income tax return for A.Y. 2022-23 within due date.
Trust has income of Interest and donation of Rs. 65,000/- and received corpus donation of Rs. 47,00,000/- and admin Exp of Rs. 88,000/-.
Trust has filed form 10B in time uploading the balance sheet & Income and expenditure account which reflects Receipt of Corpus donation of Rs. 47,00,000/- during the Year
What is the taxability for non filing of ITR in time??
What is the Remedy?
I am reproducing Section 139(4A) for ready reference
(4A) 28Every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes, or of income being voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2, shall, if the total income in respect of which he is assessable as a representative assessee (the total income for this purpose being computed under this Act without giving effect to the provisions of sections 11 and 12) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section (1).
In my view above section refers to total income and total income as per section 11(1)(d) Excludes Corpus Donation, and total income is only Rs. 65,000/- the trust does not require to file the return even though 10B is filed.
Income from property held for charitable or religious purposes.
6311. (1) Subject to the provisions of sections 60 to 63, the following income shall not be included in the total income of the previous year of the person in receipt of the income—
(d) income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of the trust or institution 64[,subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms or modes specified in sub-section (5) maintained specifically for such corpus].
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