Menu
Which itr applicability for private trust ??
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 ???
Replies (7)
for trust it is itr7
for trust it is itr7
File ITR 7.. Any Income received should be computed as Income form other sources.. 85% of funds
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.
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.
thanks sir
thanks sir
Recent Threads
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
- Regarding cancellation of GST Number
Related Threads
CAclubindia
