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Registered a trust what is the next step we should follow
01-Jul-2023 (In Wills / Trusts Law)
I just registered a Trust and we are not cleared on what are all the things we need to do and how to follow indian tax scale and how to submit audit and all. Kindly guide us on how to proceed with that
As per income tax act, 85% of income of a trust in a year must be spent to meet expenses and objectives of trust in that financial year itself, and remaining 15% can only be held with them. And if in a year, a trust fails to spent at least 85% of their income then that much of income will be taxed at 30%
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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