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Question ID : 41086


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


Answer ID : 81176

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