Charitable Trust – Income Tax Return Overview
A trust is an entity that involves providing humanitarian and religious facilities to the people. It is established with the intention of well-being instead of earning profit; this is the reason why the Income Tax structure allows them to avail the benefits of tax exemption.
Eligibility for Tax Exemption
There are certain requirements, which must be fulfilled to gain the benefits of tax exemption.
Below is the list of Trusts that are liable for the ITR Filing
In what Situations Trust must do ITR Filing?
If the Trust earns more than 2.5 lakhs a year, then it must pay taxes as per the Income Tax Act. Additionally, if the annual turnover exceeds Rs. 50 Lakhs, they are liable to pay a surcharge of 10% on the total income and 30% in case it exceeds Rs. 1 Crore. However, Income Tax Surcharge is subject to marginal relief.
Due Dates for Trust ITR Filing
The due dates for income tax filing for Trusts are as follows:
31st July: If the Trust is not liable to get its accounts audited.
30th September: If the Trust has to conduct an Income tax Audit
30th November: If the Trust is required to file Form No. 3CEB. Form 3CEB
How to File Income Tax Return for Trust?
In India, trusts can file Income Tax returns using ITR 5 or ITR 7.
How can we help you with the smooth Trust Income Tax Filing Process?
First, we seamlessly process and verify your data for the collection then prepare it in the proper structure as per the stated requirements, then if required we assist you in carrying out the income tax audit under the guidance of experts to ensure that you comply with IT policies.
We make sure that you are aware of every step to maintain data transparency as well as security. To save your time as well as efforts, we at Muneembhai accomplish the complete process on your behalf.
Our service structure features end-to-end fulfillment under the guidance of our expert.