Trust
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 January 2018
Unregistered Trust having income from Other Sources (below Rs.15,000) is it taxable?
If yes under what rate?is there any basic exemption limit like Individuals?
If yes under what rate?is there any basic exemption limit like Individuals?
08 January 2018
No tax. Unregistered trust is taxable in the status of AOP. The benefit of slab rate is allowed.
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2018
Yes Sir, as income is below 15,000 we had filed the return with nil tax . Now we got an intimation u/s 143(1) with tax demand at the rate of 30% on that income.
How to deal with it Sir?
How to deal with it Sir?
09 January 2018
To pay tax at maximum marginal rate being an unregistered trust. Income has to be computed under commercial manner (apply section 56 and 57). No basic exemption and slab rate for unregistered trust.
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