Tax Return for Trust
This query is : Resolved
16 August 2007
What is the last date for filing return for trust during A.Y 2007-2008?
From which amount a trust should be prepared to file return, audit report, at which rate?
If the trust does not have the income or income less than 1,00,000 is required to file return though PAN Card is obtained?
From which amount a trust should be prepared to file return, audit report, at which rate?
If the trust does not have the income or income less than 1,00,000 is required to file return though PAN Card is obtained?
17 August 2007
it was 31-7-07 and to file return it depends upon what kind of trust it is.
27 August 2007
It is totally a charitable trust
29 August 2007
The due date is governed by Sec 139(1). The explanation 2 provides the due date
Explanation 2.-In this sub-section, "due date" means,-
(a) where the assessee is-
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 31st day of October of the Assessment Year;
(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
Further Sec 12A(b) makes audit of Charitable Trust compulsory as follows:
12A(b) where the total income of the trust or institution as computed under this Act without giving effect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year , the accounts of the trust or institution for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.
If your trust is required to get its books audited then due date is 31/10/2007 else it was 31/07/2007
Explanation 2.-In this sub-section, "due date" means,-
(a) where the assessee is-
(i) a company; or
(ii) a person (other than a company) whose accounts are required to be audited under this Act or under any other law for the time being in force; or
(iii) a working partner of a firm whose accounts are required to be audited under this Act or under any other law for the time being in force,
the 31st day of October of the Assessment Year;
(b) in the case of a person other than a company, referred to in the first proviso to this sub-section, the 31st day of October of the assessment year;
(c) in the case of any other assessee, the 31st day of July of the assessment year.
Further Sec 12A(b) makes audit of Charitable Trust compulsory as follows:
12A(b) where the total income of the trust or institution as computed under this Act without giving effect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year , the accounts of the trust or institution for that year have been audited by an accountant as defined in the Explanation below sub-section (2) of section 288 and the person in receipt of the income furnishes along with the return of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.
If your trust is required to get its books audited then due date is 31/10/2007 else it was 31/07/2007
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