Legal provisions relating to charitable trusts are at times perplexing and scary. For example a registered trust (registered under section 12A /12AA) when fails to file its return of income within the time specified in section 139(1) read with section 139(4A), what would be the tax consequence? The system of taxation in India lacks equity/fair play and such tendency is well known to the domestic taxpayers. But in the international arena, it is a strange behaviour and thus not appreciated.Legal provisions relating to charitable trusts are at times perplexing and scary. For example a registered trust (registered under section 12A /12AA) when fails to file its return of income within the time specified in section 139(1) read with section 139(4A), what would be the tax consequence? The system of taxation in India lacks equity/fair play and such tendency is well known to the domestic taxpayers. But in the international arena, it is a strange behaviour and thus not appreciated.taxmann.com Latest ArticlesRead More
