Pan allotted as association of person

This query is : Resolved

PANKAJ KUMAR SRIVASTAVA (Querist)
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16 January 2016 SIR,
WE HAVE APPLIED FOR PAN OF A SOCIETY AND IN PAN APPLICATION FORM STATUS OF APPLICANT TICKED AS TRUST.

BUT THE FOURTH ALPHABET OF PAN ALLOTTED TO US IS "A"
IN THIS CASE WE HAVE TO FILE ITR-5 AND NOT ITR-7
SIR, IF WE GET REGISTRATION U/S 12A OF THE INCOME TAX ACT AND APPLY 85 PERCENT OF OUR INCOME THEN HOW THEITR WILL BE FILED AND HOW THE EXEMPTION WILL BE CLAIMED ?
SIR PLEASE CLARIFY

WITH REGARDS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 January 2016 To avail exemption as you proposed, take new PAN under the status AOP (TRUST). Then surrender the existing PAN .

CS Abhijeet soni Advocate

CS Abhijeet soni Advocate (Expert)
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17 January 2016 Plz modify your already issued pan with supporting documents . https://tin.tin.nsdl.com/pan/correction.html

PANKAJ KUMAR SRIVASTAVA

PANKAJ KUMAR SRIVASTAVA (Querist)
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17 January 2016 SIR,
WE ARE A REGISTERED SOCIETY REGISTERED UNDER SOCIETY REGISTRATION ACT 1860. WE HAVE TICKED OUR STATUS AS TRUST IN PAN APPLICATION FORM.
SIR, THERE IS NO SPECIFIC COLUMN OF ASSOCIATION OF PERSON (TRUST) IN PAN APPLICATION FORM. THEN WHAT WE SHOULD DO NOW.
PLEASE GUIDE ME
WITH REGARDS

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 January 2016 Seems no option other than to apply afresh by selecting trusts (clause 10, 2nd item on left hand side) If you win surrender the old one.

Ps:- AOP (Trust) is in clause 11(b)(v)of instructions to form ITR-7 and not in form 49A.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 January 2016 @soni Ji

In correction form there is no option for status change, so your observation will not work out.

PANKAJ KUMAR SRIVASTAVA

PANKAJ KUMAR SRIVASTAVA (Querist)
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18 January 2016 SIR,
AS I HAVE ALREADY TOLD THAT WE HAVE SELECTED TRUST IN PAN APPLICATION FORM BUT PAN ALLOTTED AS ASSOCIATION OF PERSON.
SIR PLEASE GUIDE ME

PANKAJ KUMAR SRIVASTAVA

PANKAJ KUMAR SRIVASTAVA (Querist)
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18 January 2016 SIR,
AS I HAVE ALREADY TOLD THAT WE HAVE SELECTED TRUST IN PAN APPLICATION FORM BUT PAN ALLOTTED AS ASSOCIATION OF PERSON.
SIR PLEASE GUIDE ME

CA Rahul Gupta

CA Rahul Gupta (Expert)
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19 February 2018 As per my opinion, You should apply for fresh PAN and tick as Artificial Juridical Person not AOP, and file ITR 5 in case if you are not registered as 12A & 80G under Income Tax
However, Tax treatment would be as Trust since Trust includes society registered under society act 1860

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