office@charteredchoice.in
File Annual Returns
For Trust
Each Producer Company is required to file returns annually. Comply with the Producer Company ROC
Our Facts and Figures
Annual Filing for Trust in India
What is a trust?
A trust is an organization that is legally formed, where the trustor is the owner and the beneficiary is the trustee. Forming a trust has as its main goal to facilitate the transfer of property from the trustor (owner) in the name the beneficiaries. The Indian Trust Act of 1882 governs all trusts registered in India. Hence, the registered trusts of India will have to comply with the legal provisions contained in the Act. In addition to the provisions for the registration and operation, these legal provisions include compliance requirements such as Income Tax Return Filing or Audit Report Filing. Trust in India.
Trust in India: Types of Trust
Public Trust
Public Trusts are organizations that benefit the general public or other classes of people. They are not limited to one group. Public Charitable Trust is the name of a trust that has a charitable purpose or religious intention.
Private trust
A private trust is a type of organization that is set up to benefit a certain person or group of people.
Types TDS Return Forms:
For PARTNERSHIP/Pvt. Ltd. COMPANY
FOR Proprietorship Firm Registration
Annual Reporting of Trust India
As mentioned below, once a Private Trust has been formed, it must comply with multiple laws.
- Indian Trust Act of 1882
- 1961 Income Tax Act 1961
- Bombay Public Trust Act of 1950
In addition, Private Trusts must also comply with various provisions of the State Legislation.
What is the annual compliance for producer company?
Points that will make your decision easier
Name
Details
Form MBP1
Each director must disclose their interest in any firm, company or other AOI at the first meeting of its board by submitting Form MBP 1.
Form 8
Each Director of the company must file the disclosure of disqualification each financial year.
Form 7
The Producer Company is required to file an Annual Return on Form MGT-7 containing the most recent information regarding its directors and shareholders.
Form AOC 4
Financial Statements on Form AOC-4, to be filed along with the balance sheet, profit and loss account, directors' report, cash flow statement, auditor's report, and the consolidated financial statement.
Form 1
Within 30 days of the date of incorporation of the company, the Board of Directors shall appoint the auditor. The appointment must be made in ADT-1.
DIR-3 KYC
If you have already filed the form, then it is necessary to verify your OTP via email or mobile number. Otherwise, all new directors are required to submit this form.
Form DPT 3
The Return of deposit should be filed with the Registrar of Companies using FORM DPT-3.
Annual compliance / filing for Trusts in India
Points to make your decision easy
Accounts of Trusts are subject to compulsory auditing
If the income of a private trust exceeds the Income Tax Act 1961 limit for non-taxable income in a financial year, it is mandatory to audit the accounts of these Private Trusts.
Tax Return for Trust
For Income Tax purposes, trusts are taxed as a separate legal entity from their trustees. This means that the trustees will have to file an Income Tax Return separately for the trust.
The Financial Accounts and Audit Report prepared by an experienced CA shall be submitted to the Income Tax Department with the Annual Income Tax return in Form ITR 7, on or before due date.
TDS Certificate
The trust must issue TDS certificates to those people who were collecting TDS on behalf of the Private Trust. The TDS Certificates must be issued within one month of the end of the financial year.
Publication of accounts in newspapers
The trust must publish its annual accounts if it generates an income or receives receipts of more than INR 10,00,000.
Tax Returns for Trusts
GST will be applied to all services provided by the trusts, except for those that are specifically exempt. There is no exemption for the supply of goods to Charitable trusts. GST is payable on any goods sold or supplied by Charitable Trusts.
Form 10A for charitable Trusts
If the trust has a registered charitable or religious purpose, it must register under Section 12AB (previously Section 12A) as well as Section 80G in order to qualify for the exemption under Income Tax Act. To this end, the Public Charitable or Religious Trust must file Form 10A in accordance with the Income Tax Act.
Documents required for Trust Annual Filing
5 easy steps
What is the Online Annual Return for a Trust?
Online Annual Reporting for Trusts
Fill out a simple Checklist
Fill out a simple Checklist
A Compliance Manager will contact you to remind you of the various deadlines for filing Annual Compliance forms. They will also provide you with a checklist and your documents. This checklist must be completed and submitted with the documents.
Preparing forms
Our expert team will begin the return preparation process once we receive the documents required for processing Annual Compliance. Your dedicated Compliance Manager will update you on the status of the Trust Annual Filing process.
Filings done
Before we file your Annual Compliance Forms with the relevant authorities, we will review them. We will then file the Trust Annual Report Forms online once you have approved it. We will send the acknowledgement receipt to your email address after successful submission.
FAQs of Producer Company Annual Filing
When is the deadline for filing income tax returns by trusts?
The deadline for filing the Income Tax Return of trusts whose accounts do not require auditing is 31st of July. The due date for filing ITRs is 31st Oct.
Are Society and Charitable Trusts the same thing?
A trust is a contract between two parties whereby one party holds assets for the benefit and enjoyment of another. A trust may be Charitable Trust, or Non Charitable Trust. A Society is an association of people who have come together to initiate a literary, scientific, or charitable purpose. The purpose of both Trust and Society may be the exact same but the organizational structure differs.
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