We’re a small trust and our income doesn’t exceed the basic exemption limit. Do we still need to file these forms??
Form 9A/10 are required under Section 11 when an NGO is not able to apply 85% of income during a financial year. It permits carry forward of income and application for such income would need to be reported in subsequent year(s) ITRs. It is not linked to the minimum threshold for filing ITR.
CS Sharad Bhargava
If you are registered u/s 12AB, then you are not required to file ITR if your income does not exceed the basic exemption limit, which implies that you are not required to pay tax either, and you can retain full income without filing form 9A/10. Need more discussion on this.
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