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Annual Indian Trust Filing

Complete information

What is a Trust?

The trustor owns and the trustee manages a legal trust. The goal of forming a trust is to easily transfer the trust owner’s property to the beneficiaries (trustees) according to the trust deed. The Indian Trust Act 1882 governs all registered trusts. Thus, registered trusts in India must follow the Act. In addition to trust registration and operation, these legal rules demand trust compliance in India, such as income tax return filing and audit report filing.

Types of Trust in India

Public Trust

A Public Trust benefits the public or multiple kinds of people, not just one group. Public charity trusts are founded for charitable or religious purposes.

Private Trust

A Private Trust is an organization founded to benefit one person or group.

Annual Filing of Trust India

Once a Private Trust is formed, it requires to comply with the provisions of multiple laws as mentioned below:

  1. Indian Trust Act 1882
  2. The Income Tax Act. 1961
  3. Bombay Public Trust Act, 1950

Apart from this, the Private Trusts need to comply with the various provisions laid down by the State Legislation as well.

My File Tax is a premier business platform offering comprehensive services in incorporation, compliance, advisory, and management consultancy for clients in India and abroad. Filing online GST returns with My File Tax is easy, seamless, affordable, and quick. Besides online GST return filing services, My File Tax also assists with filing Income Tax Returns, TDS Returns, PF Returns, and ESI Returns effortlessly.

Contact My File Tax to learn about the GST return filing process. Inquire about our GST return filing service for online GST returns and find out when to file a GST return. For a free consultation, reach out to us at +91 72074 46677 or email kbharathca@gmail.com.

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All registered persons under GST are required to file various returns, even if no business activity has occurred during a particular period. Accurate and timely filing ensures compliance and avoids penalties. For further assistance with GST return filing, contact us at +91 72074 46677 or emailkbharathca@gmail.com

Trust Annual Return Filing Fees in India

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ESSENTIAL

₹ 1999/-
(All Inclusive)

  • ITR Filling for Trust
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ENHANCED

₹5999/-
(All Inclusive)

  • ITR Filling for Trust
  • Accounting for Trust (up to 100 entries)
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Annual Trust compliance/filing in India

Forms to be filed

01

1. Compulsory Auditing of Accounts of the Trust

In a Financial year, for non-taxable income, if the total income of a Private Trust goes above the limit of Income set under the Income Tax Act, 1961, then It is Mandatory to Audit the Financial Accounts of those Private Trusts.

02

2. Income Tax Return of Trust

1.When it comes to taxation, trusts are considered as separate legal entity taxed separately from the trustees for the Income Tax Purpose. Meaning thereby that the trustees shall have to file a separate Income Tax Return for the trust.2.Once the Financial Accounts of the trust is audited and an Audit Report is prepared by a qualified CA, the same shall be filed with the Income Tax Department along with the Annual Income Tax Return in Form ITR 7 on or before the due date.

03

3. TDS Certificate

If a Private Trust while paying salaries to the managing staff of the Trust deducts TDS then the trust is required to issue the TDS Certificates to the people on whose behalf the TDS was being collected. The TDS Certificates shall be issued within 1 month from the date of closure of the financial year.

04

4. Publication of Accounts in newspaper

If the trust generates annual income or receipts more than INR 1,00,00,000 from the property of the trust, then it is mandatory for the trust to publish its accounts in the newspaper.

05

5. GST Return Filing for the Trust

Except for the services that has been sepcifically exempted, all the services provided to the trusts shall be subjected to GST. In case of supply of goods by the Charitable Trusts, there is no excemption given. Hence, any sale or supply of goods by trusts, Charitable Trusts shall be liable to pay the GST.

06

6. Form 10A filing for charitable Trust

If the trust is registered with a Charitable or Religious purpose, then it should seek registration under section 12AB (Earlier Section 12A) and Section 80G to get the exemption under the Income Tax Act. For this purpose, the Public Charitable or Religious Trust is required to file Form 10A under the Income Tax Act.

Required Trust Annual Filing Documents

Quick Checklist

  • Name & Address of the Trust
  • Name and Address and Aadhar Card of the trustees
  • PAN Card of the Trust
  • Audit Report prepared by CA (Including Audit report, Income and Expenditure Statement, Balance sheet, Contribution Calculation etc.)
  • Affidavit of the trustees
  • Membership certificate of the CA issued by ICAI
  • Other Documents, if any
  • Corpus certificate, if any

    • How to file Annual Return of a Trust Online?

    5 Easy Steps

    Fill a Simple Checklist

    A Compliance Manager will contact you to remind you of Annual Compliance filing form due dates and request your papers and a brief checklist. Fill up the checklist and send it with your documents for processing.

    Preparing forms

    Our experts will verify and prepare returns for Annual Compliance once we receive the documentation. Your Compliance Manager will keep you informed of your Trust Annual Filing Process.

     

    Filings done

    Your Annual Compliance Filing Forms will be evaluated before being filed with the proper authorities. We will file Trust Annual Return Forms electronically after your approval. The acknowledgment receipt will be emailed to your registered email address after filing.

    FAQs about Trust Annual Returns

    July 31 is the deadline for trusts whose accounts are not audited to file their income tax returns. Trusts whose finances must be audited must file ITRs by October 31.

    A trust is a contract where one party keeps an asset for another. Trusts can be charitable or non-charitable. Whereas a Society is a group of people who start literary, scientific, or charitable projects. Although Society and Trust have similar goals, their organizational structures differ.

    Yes, Chaahna Associates Trust Annual Return Filing packages include government fees.

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