Question ID :
31679
UNREGISTERED TRUST
Trust not registered us 12AA until as on 31.03.2018, Gross reciept (Corpus) 6.5 Lakhs in PY 2017-18. Now it wants to file ITR for the P.Y. 2017-18. Will Trust get benefit of section 11 12, if it gets registration us 12AA before filing ITR?
Posted by
SOURAV MODI
on
Jun 06, 2018
Filed Under
DIRECT TAXES
Registration under section 12AA is mandatory to claim benefit under section 11 and 12. These benefits shall be available from the previous year in which the application for registration is made. If any assessment proceedings are pending before the assessing officer as on the date of registration, the benefit of 11 and 12 shall be available. Hope this will help you.
Posted by
CA PRADEEP C B on
Jun 06, 2018
Answer ID :
68743
No, it will not get the benefit.
Posted by
CA. SATISH CHAND GARG on
Jun 06, 2018
Answer ID :
68765
NO
Posted by
VINAY BHARGAV KUMAR G on
Jun 09, 2018
Answer ID :
68768
No, You will not get the benefit. File ITR 5 (AOP)
Posted by
SHRIKANT KULKARNI on
Jun 09, 2018
Answer ID :
68776
But, if we see the conditions for applicability of sec 11 12, section 12A proviso to section 12A (2) which read as
"Provided that where registration has been granted to the trust or institution under section 12AA, then, the provisions of sections 11 and 12 shall apply in respect of any income derived from property held under trust of any assessment year preceding the aforesaid assessment year, for which assessment proceedings are pending before the Assessing Officer as on date of such registration and the objects and activities of such trust or institution remain the same for such preceding assessment year."
Will exemption us 11 12 be available for previous years or not?
Posted by
SOURAV MODI on
Jun 13, 2018
Answer ID :
68780
The facts of the case is silent about the pending proceedings. If notice has been issued on or before the date of registration in respect of any preceding assessment year then the proviso comes to your aid.
siva208@yahoo
Posted by
SIVADAS CHETTOOR on
Jun 13, 2018
Answer ID :
69821
No benefit of section 11 & 12
Posted by
CA JEET REWRI on
Jun 26, 2018