Trust act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2013
I have established a trust in 1995 but i have not done any of the formalities required till date. what formalities are required to be done. Is audit necessary? and what penalties can be charged on me..
17 September 2013
Many. But first thing first...have u done any activity in this trust?
Assuming that you have, kindly apply for PAN, TAN, Service tax (if applicable), VAT (if applicable). Prepare financials for all the years. File tax returns for past two years. Approach AO to issue notice for filing returns for earlier years.
Once this is done, apply for registration as a charitable entity with tax authorities (again if applicable).
Needless to say, there shall be decently large penalties in this case.
Assuming that you have, kindly apply for PAN, TAN, Service tax (if applicable), VAT (if applicable). Prepare financials for all the years. File tax returns for past two years. Approach AO to issue notice for filing returns for earlier years.
Once this is done, apply for registration as a charitable entity with tax authorities (again if applicable).
Needless to say, there shall be decently large penalties in this case.
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