WHETHER IS IT COMPULSORY TO GET REGISTRATION OF 890G/12A FOR EVERY TRUST BEFORE 31ST MARCH,2022?
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REGARDING TRUST
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| Here is a comprehensive overview of trust registration and compliance in India: 1. Registration Options: - Under Indian Trusts Act, 1882: For private trusts — registered with Sub-Registrar of Assurances via a registered trust deed. - Under Section 12A/12AB of IT Act: For charitable/religious trusts seeking income tax exemption — apply on IT portal via Form 10A (new registration) or Form 10AB (renewal). - Under Foreign Contribution (Regulation) Act (FCRA): If the trust intends to receive foreign contributions. - Under Societies Registration Act: Applicable in some states for institutions. 2. Key IT Compliances for Registered Trusts (12AB): - File ITR-7 annually by 31st October (or 30th November if audit applicable). - Get accounts audited if gross receipts exceed Rs. 2.5 lakh (Section 12A read with Section 12AB). - File Form 9A (deemed application for accumulation) and Form 10 (accumulation notice) if more than 15% of income is to be accumulated. - File Form 10B/10BB (audit report) before filing ITR. 3. Application of Income: At least 85% of income must be applied for charitable purposes during the year. If not applied, accumulate with proper intimation (Form 9A/10) for up to 5 years. 4. Prohibited Activities: No part of income should benefit any trustee/person having substantial interest. No business activity (other than incidental to objects). Foreign travel restrictions for trustees. 5. If specific issue (registration rejected, income computation, corpus treatment) — share more details for precise guidance. |
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