Trust Tax Return
Charitable trusts in India are set up for social causes. To get tax exemption these registered charitable
trusts are required get their trust registered with income tax department and follow tax regulations as
prescribed in India. As per Income Tax Act, 1961, charitable trusts in India are required to file income
tax return before the due date as prescribed in the Act.
Today, we will be discussing when a charitable trust
is required to file income tax return and before which date charitable trusts are required to file income tax
report i.e. due date of filing income tax return.
As per section 139(4C) of income tax act, a charitable trust
is required to file income tax return if total income before allowing exemption under section 11 and 12 exceeds
the basic exemption limit that is chargeable to tax in India for the relevant financial year for which the
charitable trust is filing income tax return.
Society Tax Return
A Society is a taxable entity under the Income Tax Act, 1961. A Cooperative Society under the Act is to be
treated as an association of persons (AOP), which is included in the definition of 'person' under the Income
Tax Act, 1961.
Even though, for taxation purposes, the status of a cooperative society is to be taken as an
Association of Persons, the section 67A and section 86 of the Act have been excluded from application to the
members of society.
A Society is taxed at rates, which are different from those applicable to an AOP. Under the annual Finance Act ,
though individuals, Hindu undivided family, AOP or body of individuals, whether incorporated or not, or every
artificial juridical person referred to in the Income Tax Act, are chargeable at rates prescribed in paragraph A,
of the Finance act.
