Ad-Free CAclubindia and daily updates on your mobile. Subscribe Now!

Filing return of income for trusts

Priya Jyothish (Chartered Accountant) (54 Points)

16 August 2012

a trust has a net profit of 1 lakh, is it liable to file return of income for AY 12-13

Reply
Follow
Share

2 Replies

Shah Tarun (Student) (800 Points)
Replied 16 August 2012

Trust is required to file a return when Income before claiming exemption U/S 11 is more than basic exemption limit.instead of considering profit, consider "Income" to check whether trust is required to file return or not..

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

K.V.Mehta (Partner) (22 Points)
Replied 19 August 2012

Trust is not obliged to file ROI,when its business income is Rs.1 lac,as this income is to be assessed as business income and basic exemption limit is Rs.1,80,000/-, provided there is no other income of the trust.