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Itr of a charitable trust

Akash (proprietor) (82 Points)

23 October 2018

Hi!

can someone give me an idea about the ITR filing for a charitable trust. was it 31st August or it's 30th October. This trust is hardly having transactions of Rs 3-4 Lac during the last financial years in their bank account. Thanx in advance ..

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prasad Nilugal ( GST Practitioner & Accounts ) (14151 Points)
Replied 23 October 2018

Trust

1) Whose accounts are requried to be audited then date is 30th september 2018

2) Whose accounts are not requried to be audited 31st Aug 2018

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prasad Nilugal ( GST Practitioner & Accounts ) (14151 Points)
Replied 23 October 2018

For Audit cases date is extended up to 30th Oct 2018 please confirm

Akash (proprietor) (82 Points)
Replied 24 October 2018

Thanx Mr. Nilugal.

Can you please confirm me would my trust be required to undergo Audit when we are all in all having a receipt of 3-4 Lac.?

please also confirm what are the conditions when a Trust is mandatorily required to go for Audit?

prasad Nilugal ( GST Practitioner & Accounts ) (14151 Points)
Replied 24 October 2018

Is your Trust registered under section 12AA of the Income tax act 1961 ?.

Akash (proprietor) (82 Points)
Replied 25 October 2018

No, its not registered u/s 12AA, but we are having a trust deed registered

Ashwin Kumar (1229 Points)
Replied 25 October 2018

since the trust is not registered under 12AA of the income tax act 1961, it will be treated as an AOP/BOI and will have to go for tax audit under section 44AB only if its total income exceeds 1 crore. Further ITR 5 to be filed.

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prasad Nilugal ( GST Practitioner & Accounts ) (14151 Points)
Replied 25 October 2018

Its better to registered under 12A of the income tax 1961 for benefits under section 11 & 12 of the income tax act where in you spend more than 85% towards its object of the trust in India then there is no tax on balance 15% , If your trust is charitable and not religious then you should get registered under section 80G benefits . 80G benefits is only for Charitable trust .

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