18 January 2020
sir following questions are related to Trust NOT registered U/S 12A; 1) trust deed specifies that income of the Trust is not to be distributed to the members' of the trust, so can v assume that the members' share is determinate while filing ITR 5 treating the unregistered trust as an AOP? 2) the trust is mainly run by members' contribution, so can member's contribution be treated as income or does it form part of corpus fund? 3) are expenses done towards charitable activities allowed to be deducted from the members' contribution ? 4) if none of the members' income does not exceed basic exemption limit, and AOP is taxed at individual slab rates, whether tax is computed on net income after deducting all the expenses or gross receipts ?
Kindly help regarding the above issues and also any other valid point relevant. Thanking you in advance.
CAclubindia
