Trusts, AOPs (Association of Persons), BOIs (Body of Individuals), and NGOs (Non-Governmental Organizations) are required to file their returns in India if their total income exceeds the basic exemption limit as specified under the Income Tax Act, 1961.
The deadline for filing returns for these entities is usually September 30th of the subsequent financial year. The filing process involves submitting various financial documents, such as balance sheets, income and expenditure statements, receipts, and other relevant financial statements.
Trusts, AOPs, BOIs, and NGOs can file their returns online through the government’s e-filing portal or offline by submitting a physical copy of their returns to the nearest income tax office.
Filing returns accurately and on time is important to avoid penalties and legal consequences. It is also important to maintain accurate records of the financial transactions of these entities throughout the year to ensure that the correct amount of taxes is paid and the appropriate deductions and exemptions are claimed.
If you have any queries or doubts regarding the process of filing your returns or your tax liability, it is advisable to consult a professional tax consultant or a Chartered accountant (Auditor) for assistance.