Question ID :
41086
229489
Respected Sir,
which ITR form is to be used for trust/Society not having registration u/s 12A. How it is assessable and rate of taxation on it?
Is tax payable on gross receipts or on net surplus after meeting all expenses?
Thanks
Posted by
MOHAMMED QUSROO
on
Jun 28, 2021
Filed Under
OTHER BODIES
Form ITR-5 may be used. Assessed as "association of persons".
Posted by
B.CHACKRAPANI WARRIER on
Jun 29, 2021
Answer ID :
81177
ITR-5 can be used. The trust cannot claim benefit of section 11 and 12 and gross receipts of the trust will be taxable. It will be treated as AOP and normal tax rate will be applicable. If income is of nature referred to in section 13(1)(c) or (d), maximum marginal rate will be applicable.
Posted by
CA. chunauti dholakia on
Jun 30, 2021