Carry Forward the Losses of Trust

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%)

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

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?