Public religious trust
Ashok
(Querist) 18 November 2011
This query is : Resolved
Dear Sir,
A public Religious trust ( Mumbai) registered under BPT 1950, was formed 16 yrs ago. It is not registered under u/s 12 A & 80G of Income Tax Act 1956.
It has been maintaining accounts but the books of accounts are not audited & also not filed its Annual Report to the BPT office.
Trust conducts Religious Programme (pooja) partly by donation received for others and partly by mutual Contribution.
Hence the Question of profit does not arise.
Now My Question is
1) Are the Required to get their cooks audited. (it has never been audited since formation) ?
2) Do they have to submit the Annual report to IT or BPT ?
3) Consequences of non-filing of Annual report to IT or BPT till date.
Please Reply
Regards
Ashok vishwakarma
ARUN KUMAR VERMA
(Expert) 20 November 2011
for claiming exemption under the income tax act,1961, registration under sectiion 12A is required.
The bennifit of registration u/s 12A will start only in respect of the financial year in which the application is made and not for earlier years.
Law requires application to be made within one year of formation.
If you wish to get registered, the books need to be audited.
non filing of returns with IT may attract attention of the IT authorities if the transactions are substantial and they may issue notice uner section 148
Ashok
(Querist) 21 November 2011
I thank you for your reply.
Sir, i have gone through the accounts.Every year is received donation of say 10000 to 40000. and gets net surplus & Even deficit of rs.1000 to 2000.
As i said earlier it is registered in BPT and return & report has not been filed as yet nor it has been audited as yet.
How do i proceed now.
