Return filing for trust

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2013 Sir,
One my friend set a trust on 2004. Every Year Audit had done and I .T Return did not filed. His trust object is mainly for Arts and Craft. Trust get income amounting to Rs. 4050432 from Sales and Fabrication, suply. Excess of income over Expenditure Transferred is Rs. 83245.23.
whereas the trust is not registared under section 12 A. Is the trust pay tax or not?
If trust pay tax, how must the taxable amount? and what ITR form will be use in return filed?
Regard
Benjamin

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 October 2013 The trust has to pay tax as per the graded rates applicable to individuals.

Form prescribed in ITR-5.

Querist : Anonymous

Querist : Anonymous (Querist)

02 October 2013 Dear Sir,
Kindly tell me who will sign to ITR form. Persident or Secretary? Are form 3cd and 3cb required to submit with the audit.

Regard
Benjamin

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 October 2013 Secretary has to sign the ITR. If turn over from sales and fabrication exceeds Rs. 1 crore, Form 3CB and 3CD has to be filed electronically.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2013 Dear Sir,
Thanks for your valuavle answer. but some consultants said if you have form 10B, there is no need to pay tax even if you have sale proceed and suply income. how far it is true? kindly tell me it is true.

regard
S. Benjamin

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