Trust/AOP Audit

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This discussion addresses a client registered as a Trust but without an IT PAN, yet receiving one under the Trust's name. The core queries revolve around determining if the entity is a Trust or an Association of Persons (AOP) for IT purposes, which Income Tax Return (ITR) to file (ITR 5 or 7), and whether a CA audit is mandatory. The consensus suggests it's an AOP, requiring ITR 5, and an audit isn't mandatory for the specified financial year. Tax slab rates for AOPs are also clarified, with individual rates applicable if no members have taxable income, otherwise a 30% tax rate applies.

Chandrasekar.D

Chandrasekar.D (Querist)
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21 October 2020 Sir,
One of my client is registered as Trust but not under IT,but getting PAN under Trust name. Trust Started in 2000 till now no IT return was filed. During 18-19 its TO 80L & Profit 3.5L. My Query is
1. Whether it is Trust or AOP under IT.
2.Which ITR (5 or 7) to be filed.
3. whether Audit by CA is mandatory.