ITR filing for trusts/societies
Attributes of the plan:
Properly fulfilling your income tax obligations is crucial for societies or trusts to maintain their legal compliance and financial transparency. When it comes to filing income tax returns (ITRs) for your organization, it’s important to be aware of the specific requirements and procedures applicable to trusts or societies.
ITR Filing for Trusts/Societies: Services covered under the plan:
- ITR filing for trusts/societies
- Declaration of the income of the trusts or societies
- Claiming of deductions and expenses
- Computation and declaration of donation amount
- TaxHelpdesk’s Income Tax expert full support
Who are eligible for this plan?
Note:
Audit charges are extra under this plan
List of documents for this plan:
– Form 10B or Form 10BB
– Balance sheet
– Income and expenditure statement
– Receipts and payments voucher
– Bank statements
– Donor details
– Registration documents
– Tax audit reports
FAQs
Form 10B or Form 10BB are the forms that the non-profit organizations use to provide details about their activities, income, and expenses. Form 10B’s use is generally for charitable trusts, while Form 10BB’s use is for institutions providing medical relief.
Yes, trusts or societies in India may be eligible for certain tax benefits and exemptions. Charitable and religious trusts can avail of tax exemptions under Section 11 and 12 of the Income Tax Act, which provide exemptions for income applied for charitable or religious purposes. Trusts or societies can also claim deductions for donations made to them under Section 80G of the Income Tax Act.
Yes, trusts or societies registered as charitable organizations in India can claim tax deductions for donations received. Donations made to eligible institutions are eligible for deduction under Section 80G of the Income Tax Act, subject to certain conditions and limits.
In India, societies or trusts are required to undergo a tax audit if certain conditions are met. The tax audit requirement for societies or trusts is outlined under Section 44AB of the Income Tax Act, 1961. Here are the conditions that determine whether a tax audit is necessary:
Gross Receipts: If the gross receipts of a society or trust exceed Rs. 1 crore during the financial year, a tax audit is mandatory.
Charitable/Religious Institutions: If the society or trust is a charitable or religious institution, and its gross receipts exceed Rs. 50 lakhs but do not exceed Rs. 1 crore, it may be required to undergo a tax audit.
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