Can grand father create Minor trust for three children.
Trust will have business income.
will it be taxed as per individual /AOP tax slab?
For application of PAN what would be status AOP (Trust) or AOP
For filling of ITR of business income which return will be filled?
Yes, grandfather can create trust for his three minor childs by executing deed for specific period, say 21 years.
The private trust will be taxed at a slab rates applicable for individual provided that it does not have any business income.
Any business income may be taxed @ 30% or at slab rate.
Status for PAN application would be Trust only.
For the trust having business income, ITR 4 should be filled.
Hope the information provided by me will help you to solve the problem.
Dear Sir,
Whether any notification has been issued regarding this slab Rate ? If Yes then under which section and which ITR Form will be filled for availing benifit of Slab Rate under Trust.
CAclubindia
