Carry Forward the Losses of Trust


Aarush (Delhi)     18 September 2009

Aarush
Delhi 
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A turst whos income tax return is filed regurlarly and within time limit - from last several years - but from last 2-3 trust is in loss.

 in current year trust is in profit.

 My question is can we set off this loss in the current or not ............ ? What is the Sec if it can ? and is there any Case law for this?

 

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santhosh (CA)     18 September 2009

santhosh
CA 
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Mention clearly whether is recoginsed by the commsioner for exemption or its just a Private trust which is not reg for any benefits. If the trust is second category then you can set off losses and balance is taxed at MMR (33.99%)

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Aarush (Delhi)     18 September 2009

Aarush
Delhi 
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What is the treatement in the case of Registered trust? What sec is applicable for this??

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CA Dishang Shah (Partner)     27 May 2011

CA Dishang Shah
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Dear sir,

 

Please find following details:

  1. Trust is unregistered trust.
  2. It has not filled return from FY 2008-09.
  3. 2008-09 Loss
  4. 2009-10 Profit
  5. 2010-11 Profit

Now my queries are:

  • Can trust set off & carry forward loss incurred in 2008-09 against profit of 2009-10?
  • Can any penalty be levied for non-filling of return?


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