An unregistered Trust u/s12A(a)of the IT Act running a school having gross collection of around 70 lacs per annum is liable for TAX AUDIT. ?
Further the rate at which the net income will be taxed?
Thanks
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AOP-Trust
Replies (1)
A Trust not registered would be chargeable to tax as an AOP (association of persons). The total income of the AOP/BOI is taxable, either at the rates applicable to an individual, or at the maximum marginal rate or at a rate higher than maximum marginal rate.
trust shall mandatory have to get their accounts audited if the total income without exceed maximum amount not chargeable to tax.
trust shall mandatory have to get their accounts audited if the total income without exceed maximum amount not chargeable to tax.
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