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Pankaj Thakur (Advocate)     18 December 2010

Trust - Income Tax Return

Dear friends,

(1) Is it possible to file 'Income Tax Return' on behalf of a 'Trust', from back date (lets say, for last 2 years)?

(2) If yes, what is the procedure?

(3) In this issue, what is the effect of 'registration' & 'non-registration'? What will happen if the trust is yet to be registered but it has been functioning for some time?

(4) According to the I.T. Return of back date, what should be shown in the records of the trust? What kind of changes are required?

Kindly inform soon.

Regards. 



Learning

 3 Replies

A V Vishal (Advocate)     18 December 2010

1) Is it possible to file 'Income Tax Return' on behalf of a 'Trust', from back date (lets say, for last 2 years)?

Ans. Yes you can file the returns for the financial year 2008-09 & 2009-2010. The last date for filing ITR for 2008-09 is 31-03-2011.

(2) If yes, what is the procedure?

Ans. Prepare the accounts, get them audited and the auditor will take care of the fiing.

(3) In this issue, what is the effect of 'registration' & 'non-registration'? What will happen if the trust is yet to be registered but it has been functioning for some time?

Ans. If the trust is unregistered under I T act, it will be assessed as an AOP, however, if it holds registration u/s. 12A of the said act then the income wil be exempted.

Suresh Gupta (Director)     20 December 2010

yes , the trust or Society can file the ITR from last 2 years.

for this the president or the other members has to submit all transaction report to the CA. 

CA  attached a audit report with the required document.

and it is submitted manually not onlione.

Pankaj Thakur (Advocate)     31 December 2010

Dear Vishalji & Sureshji,

Thank you so much for your priceless opinions. My research matches with your opinions. In case there something to be added, please inform accordingly. 

Since the new year is close, "happy new year!" 

Regards,


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