Change of entity status in FDs

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Dear Experts,

We were an Association(AOP) with a certain PAN, having FDs in a financial institution. Towards the end of FY' 20-21 ie in March 2021 we got registered as an 1860 Act Society. We wish to file ITR for the same year ie FY'20-21as a Regd Society and claim  tax concessions available to Societies under section 167B(2) !

Is it possible,considering that the status was changed to Society only in the last month of the FY Apr to Mar 2021 !

Thanking in advance pl !

Johnykutty

Replies (1)

Summary: You generally cannot apply the tax concessions of a registered Society to the period when the entity was an AOP. Upon registration, you should obtain a new PAN for the Society. Income must be bifurcated based on the period before and after the change in status, and you should seek professional advice to handle the transition in the ITR filing correctly.

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