should a trust required to file income tax return for fy 20-21
where the revenue is less than 1lac and there is no profit.
no income tax return were filed in earlier fy.
veterans please guide
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Income tax return for trust
Replies (11)
Quick Summary
CERTAINLY A TRUST HAS TO FILE RETURN OF INCOME.
BUT THERE IS A DIFFERENCE BETWEEN AN AOP AND TRUST.
THE MODUS OF OPERANDI OF A TRUST AND AOP ARE DIFFERENT.
BUT THERE IS A DIFFERENCE BETWEEN AN AOP AND TRUST.
THE MODUS OF OPERANDI OF A TRUST AND AOP ARE DIFFERENT.
Any Trust with a gross total income of more than the basic exemption limit is required to file income tax returns mandatorily.
Also, the following types of trusts are required to file an income tax return mandatorily, irrespective of gross total income:
Research Association
News agency
Association or institution.
Fund or institution
University or other educational institution
Mutual Fund
Securitisation trust
Investor Protection Fund
Core Settlement Guarantee Fund
Venture capital company or venture capital fund
Trade union
Body or authority or Board or Trust or Commission
Infrastructure debt fund
Business trust
Also, the following types of trusts are required to file an income tax return mandatorily, irrespective of gross total income:
Research Association
News agency
Association or institution.
Fund or institution
University or other educational institution
Mutual Fund
Securitisation trust
Investor Protection Fund
Core Settlement Guarantee Fund
Venture capital company or venture capital fund
Trade union
Body or authority or Board or Trust or Commission
Infrastructure debt fund
Business trust
Not required to file ITR
Agree with ramaraju
THERE ARE VARIOUS CAREGORIES OF TRUST:
BUT CERTAIN CATEGORIES MENTIONED ABOVE IS NOT A TRUST.
VENTURE CAPITAL COMPANY/FUND BOTH ARE NOT IN THE SAME CAREGORY OF ASSESEE.
A TRUST IS SUPPOSED TO FILE RETURN OF INCOME.AS PER PROVISIONS LED DOWN IN SEC 12AA..
BUT CERTAIN CATEGORIES MENTIONED ABOVE IS NOT A TRUST.
VENTURE CAPITAL COMPANY/FUND BOTH ARE NOT IN THE SAME CAREGORY OF ASSESEE.
A TRUST IS SUPPOSED TO FILE RETURN OF INCOME.AS PER PROVISIONS LED DOWN IN SEC 12AA..
I agree with ramaraju and would like to add that if a trust claims exemption under section 11 then it will have to mandatorily file itr.
if you dont file itr it creates a bad record which you will have to present before commissioner for reregistration of trust.
if you dont file itr it creates a bad record which you will have to present before commissioner for reregistration of trust.
Veerendra pls chk the definition of trust.
the owner of post has to exclude venture capital company.
rest is ok.
the owner of post has to exclude venture capital company.
rest is ok.
Indeed sabyasachi.
but mr iyer has to give further deails of his trust, like what are its objectives and registration status.
but mr iyer has to give further deails of his trust, like what are its objectives and registration status.
@ veerendar singh/// the TURST is a declared TRUST and its main objective is for religious support and for society well being; the trust has not filed returns in the previous years; and there is no revenue or income; but last year there is a revenue of less than Rs.1 lac. and there is no income for the fy 2020-21. now the question is does it require to file the ITR for fy 2020-21, since there is no revenue/income.
In the said circumstance it is not necessary to file itr. although there is nothing gravely false in not filing itr, it is suggested to regularly file itr irrespective of the amount of income.
To be with Frank our personal contribution and donations are routed through this trust, it will be hardly ₹.1lac or less per year.
(the trust is registered and got pan has no assets or investment other than bank account and FD)
(the trust is registered and got pan has no assets or investment other than bank account and FD)
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