Taxation of trust not registered u/s 12aa

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VISHAL YADAV (Querist)
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16 January 2015 A Trust is running educational institution and it is not registered u/s 12AA of Income Tax Act. What should be the Tax Audit liability in this case and under which section ? Further ITR shall be filed under which section ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2015 44AB tax audit is applicable if gross income is more than 1 crore. ITR 5 has to be filed treating it as AOP/BOI.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 January 2015 ITR 7 shall be applicable pls find this links:

https://www.caclubindia.com/experts/filing-of-trust-return-in-form-itr-7--1441424.asp#.VLj839KUdic

https://www.caclubindia.com/forum/income-tax-return-by-trust-276899.asp#.VLj83tKUdic

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 January 2015 ITR 7 not applicable for trust not registered u/s 12AA,

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Rupesh Jain

Rupesh Jain (Expert)
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16 January 2015 TRUST INCOME WILL BE TAXABLE IT RECEIPTS IS EXCEEDS THEN YOUHAVE TO TAKE AUDIT U/S 44AB.

CA. Anoop Bhatia

CA. Anoop Bhatia (Expert)
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16 January 2015 Assuming that the relevant trust's gross receipts are not exceeding Rs. 1 crore for the financial year the trust can claim the benefit of Section 10(23C)(iiiad) and accordingly file its ITR in form ITR-7. This does not require the trust to be registered under section 12AA.

However if the gross receipts are exceeding Rs. 1 crore certainly the registration process of section 12AA has to be followed.

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Gokulesh

Gokulesh (Expert)
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08 March 2016 I have not received basic exemption for Trust (Not having 12 A cert) . Directly 30% tax charged on gross receipts. Kindly guide.