- 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
Trust Annual Filing
All you need to know
What is a Trust?
A trust is a legally formed organization where the owner is the trustor and beneficiary is the trustee. The main purpose of forming a trust is to ensure an effortless transfer of the property of the owner of the trust in the name of the beneficiaries (trustees) as per the provisions mentioned in the trust deed. All the registered trusts in India are governed by the Indian Trust Act 1882. The registered trusts in India, hence, shall have to adhere to the legal provisions of the said Act. These legal provisions, apart from the provisions of the registration and operation of the trusts, include the compliance requirement for Trust such as Income tax Return Filing, Audit Report Filing etc. for the Trust in India.
Types of Trust in India
Public Trust
A Public Trust is an organization created to benefit the public in general or different classes of people and is not restricted to a selected group of people. A trust created with a charitable or religious purpose shall be called Public Charitable Trust.
Private Trust
A Private Trust is an organization which is created for the advantage of a specific person or a specific class of people.
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.
Why caagrawalkanhere as Service Provider for Online Trust Annual Filing in India?
Entire team of caagrawalkanhere consists of Highly qualified CA, CS, Lawyers and business administrators. caagrawalkanhere would be a one stop destination for Company Compliance / ROC Compliance and filing and entire gamut of Professional and advisory services in India. caagrawalkanhere has also come up with E-Retainer Concept, which is more than just Virtual CFO Services. Our Retainership Packages will absolve you of all worries of taking care of book-keeping, returns filing, advisory, HR, Payroll, Vendor Management and many other legal compliances. You may get in touch with our compliance manager on 0755 276 1432 or email at info@caagrawalkanhere.com for free query and to know more about the services provided by us.
Various Annual Compliance / filing of Trust in India
Points to make your decision easy
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.
Income Tax Return of Trust
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. 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.
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.
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.
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.
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.
Documents required for Trust Annual Filing
How to file Annual Return of a Trust Online?
Process for Annual Return Filing of Trust Online
1
Complete Simple Checklist
2
Submit Documents
3
Preparing of Annual Forms
4
Filing of Annual Return Forms
5
You receive acknowledgement
Simple Checklist
A Compliance Manager will get in touch with you to remind you about your due date of various due dates for Annual Compliance filing forms and obtain your documents along with a simple checklist. You need to fill up that checklist and submit it along with your documents for processing.
Preparing forms
Once we have the documents for the processing of Annual Compliance, our expert team will verify documents and proceed with return preparation. Throughout the process, your dedicated Compliance Manager will keep you updated on the progress of your Trust Annual Filing Process.
Filings done
We will get your Annual Compliance Filing Forms reviewed from you before filing the same with the appropriate authorities. Once you approve it, we will file the Trust Annual Return Forms online. Upon successful filing, we will send you the acknowledgment receipt via email to your registered email ID.
FAQs On Trust Annual Filing
Get answers to all your queries
The due date of Income Tax Return filing of trust for, whose accounts are not required to be audited is 31st July. While for the trusts whose accounts are required to be audited, the due date to file ITR filing would be 31st October.
A trust is an agreement between parties, whereby one party holds an asset for the benefit of another party. A trust can be a Charitable Trust or Non Charitable Trust. Whereas a Society is a collection of persons, who come together for the initiating any literary, scientific or charitable purpose. Purpose of the both, Society and the Trust may be the same, but organizational structure is different in both the cases.
Yes, CA Agrawal’s packages for Trust Annual Return Filing fees are inclusive of the government fees.
