Religous trust

Tax planning 438 views 1 replies

Dear All,

I have religious trust regtred in 2000, i do not have PAN, every year my books and accouts are audited by CA- but i was not filing any return, in this 11 years there are years where my incom(voluntry contribution)( my income is only voluntry cntributin) is more than 3Lks to 4LKS .
Now suddenly another CA who is my frd is saying that i should have filed IT returns.and paid IT on the same, he as calculted the same whch come to around 5lks including interst,
my Quetions is :
Why my previous auditor not infomred the same.
if i need to pay tax on my contribution he should hae told me .
i did not had PAN, now i wnat to apply for 12AA, ITO is asking for Returns copy so what to do
Do i need to pay tax on all my pereous 10
Yrs.

Thanks
Harish.

Replies (1)

As per my knowledge, the assessment is made as per AOP( trust). There is no mandatory requirement to file I.T.Return till ur income exceed basic exemption limit (Rs 160000 for FY 10-11). If ur income exceed then the person is liable to file ITR and has to deposit tax. Still u can file ITR for FY10-11 and FY 09-10 till 31-03-2012. And same can be presented for granting exemption u/s 12.


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