This discussion addresses how to handle IT returns and accounts for a Goshala registered via trust deed but not under Section 12AA of the Income Tax Act. It clarifies that without 12AA registration, the Goshala cannot file returns under that section and will be liable for tax on donations and milk sales. Filing ITR-5 and paying applicable taxes is the advised route if not registered.
17 March 2021
I have a client, he was running goshala registered with a trust deed at register office and not registered as per sec 12AA of income tax act so how can I proceed in IT returns and books of accounts and can I register under sec 12AA or can i file return without registration under 12AA and how to treat the income from donations and sale of milk