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ITR filing for Trust, Society, Associations &, NGO Others:

Filing Income Tax Returns (ITR) for entities such as Trusts, Societies, Associations, and NGOs (Non-Governmental Organizations) in India is governed by the provisions of the Income Tax Act, 1961. Here's a simple introduction to ITR filing for these entities:

1. Entity Types:

- Trusts, Societies, Associations, and NGOs are considered as non-profit entities, and they operate for charitable, religious, educational, or social purposes.

2. Exemption Status:

- Many of these entities may enjoy tax exemptions under Section 11 of the Income Tax Act, which pertains to income derived from property held for charitable or religious purposes.

3. Income Sources:

- These entities generate income from various sources, including donations, grants, investments, and other activities related to their objectives.

4. Annual Information:

- Trusts and similar entities are required to maintain proper accounts and prepare financial statements, including Income and Expenditure Statements and Balance Sheets.

5. Tax Audit:

- If the gross receipts or total income of the entity exceeds the prescribed limit, a tax audit may be required under Section 44AB of the Income Tax Act.

6. Form ITR-7:

- The relevant form for filing income tax returns for Trusts, Societies, Associations, and NGOs is Form ITR-7.

7. Auditor's Report:

- The entity's auditor provides an audit report, and this report needs to be submitted along with the income tax return.

8. Tax Computation and Payment:

- The entity needs to compute its income as per the provisions of the Income Tax Act and pay any applicable taxes.

9. Due Date:

- The due date for filing income tax returns for these entities is generally September 30th of the assessment year. If a tax audit is required, the due date may be extended.

10. Digital Signature:

- Filing the income tax return for these entities often requires a digital signature.

Due Date For ITR filing for Trust, Society, Associations &, NGO Others:

As of my last knowledge update in January 2022, the due date for filing Income Tax Returns (ITR) for Trusts, Societies, Associations, and NGOs in India, under the Income Tax Act, 1961, is generally September 30th of the assessment year. However, if a tax audit is required, the due date for filing the tax return may be extended.

Documents Required For ITR filing for Trust, Society, Associations &, NGO Others:

When filing Income Tax Returns (ITR) for Trusts, Societies, Associations, and NGOs in India under the Income Tax Act, 1961, the following documents are typically required:

1. Financial Statements:

- Audited Income and Expenditure Statement.

- Audited Balance Sheet.

2. Tax Audit Report:

- A tax audit report is required under Section 12A(b) if the income of the entity exceeds the specified limit.

3. Form ITR-7:

- File the income tax return using Form ITR-7, designed for trusts, political parties, scientific research associations, and other similar entities.

4. Auditor's Report:

- The auditor's report on the financial statements.

5. Details of Activities:

- For NGOs, furnish Form 10BB providing details of the activities and the genuine nature of the activities carried out by them.

6. PAN and Aadhaar:

- Permanent Account Number (PAN) of the entity.

- Aadhaar details.

7. Registration Certificate:

- Certificate of registration under the relevant laws (for example, under the Trusts Act or Societies Registration Act).

8. Form 10G:

- NGOs may need to file Form 10G for approval of the exemption under Section 80G of the Income Tax Act for donations.

9. Details of Contributions Received:

- Provide details of contributions received and their utilization.

10. Bank Statements:

- Statements reflecting transactions related to the entity's bank accounts.

11. Digital Signature:

- Filing the income tax return for these entities often requires a digital signature.