charitable trust income tax filing
This query is : Resolved
06 September 2009
A Charitable educational trust is formed in F.Y. 2007-2008 as per its trust deed and got itself registered under BPT Act 1950 and u/s 12AA only in F.Y. 2008-2009. Whether it has to file income tazx returns for both the year or only for 2nd year? And for audit purpose under BPT Act 1950 and Income tax Audit (if minimum treshold limit of contribution exceeded) , whether audit(under both act) is required for the both year or ony for 2nd year ?
06 September 2009
Income tax return should be filed for both the years.
Audit under BPT Act, 1950 must be done for both the years.
Audit under the Income Tax is also applicable if it carries on any business where the total sales, turnover or gross receipts exceeds Rs.40 lakhs.
Audit under BPT Act, 1950 must be done for both the years.
Audit under the Income Tax is also applicable if it carries on any business where the total sales, turnover or gross receipts exceeds Rs.40 lakhs.
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