Trust have been registered under the Trust Act. After registration one year over,we have not yet done any operation, we have not even opened bank account. Our doubt is how we have to intimate to the Income the Department, what is the consequences if we have not registered with the Income Tax Department and also state the procedures for registering with Income Tax Department
15 November 2011
Well you should immediately apply to the Commissioner of Income tax in prescribed Form for the registration of trust under Income-tax. For time being the trust may not have any income so no consquences, this does not mean trust will not earn income in future. To avoid future tax liability on trust it is better to apply in prescribed form to the commissioner of income tax and have the trust registered thereby avoiding any future tax liability.
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