Latest Query & Reply

As I am filing Trust return in AOP style means ITR 5
Trust doesnt have 12aa or 80G it is just normal local trust certificate.

1. If I file ITR 5 it is ok for trust in BS PL. 
2. If trust is trading in business then if he is facing loss then he should have to do on audit or I can file directly (loss is 13000 only)
3. What is limit of income in trust if I file ITR 5 any slab rate or tax rate.

Reply

1) In case of AOP, ITR-5 will be applicable.
2) Audit u/s 44AB is applicable when income of person is more than rupees one crore.
3) Tax rate for trust is same as individual slab rate provided that the total income of any members of trust for the previous year does not exceeds the maximum amount which is not chargeable to tax.