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Trust Income Tax

Modassir Jamal (112 Points)

10 January 2021

Trust ki income 8% se kam dikha sakte hain?

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12 Replies

Priyank Nema (Bhopal) (100 Points)
Replied 10 January 2021

As per my knowledge 44(AD) not applicable to trust .plz correct if I am wrong

1 Like

ayusmita (Tax consultant) (5885 Points)
Replied 10 January 2021

Trust need to be audited and fill return on itr 7

1 Like

Modassir Jamal (112 Points)
Replied 10 January 2021

@ ayusmita The trust is not registered U/s 12A/12AA

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 10 January 2021

Trust should be not be allowed to show profit less than 8% as your trust is not registered your trust is not allowed to 8% profit

1 Like

Modassir Jamal (112 Points)
Replied 10 January 2021

Thanks

ayusmita (Tax consultant) (5885 Points)
Replied 10 January 2021

File itr 7 with out taking the a

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Modassir Jamal (112 Points)
Replied 10 January 2021

@ ayusmita Unregistered trust can't file ITR-7, they can file only ITR-5

ayusmita (Tax consultant) (5885 Points)
Replied 10 January 2021

Sorry type nehi hua half mei click ho gaya

is it a business trust

Kapadia Pravin (17249 Points)
Replied 11 January 2021

44AD is not applicable to Trusts ( including business trusts) so question of 8% presumptive taxation does not arise.

As it's un-registered, it will be filed as AOP or BOI ... and ITR 5.

ayusmita (Tax consultant) (5885 Points)
Replied 11 January 2021

Sometimes business trust are liable for itr 5 with certain rules and regulations
so asked him
more over he is not liable for itr 7
even if file not take any exemption

1 Like