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ITR stands for Income Tax Return, the same is filed every year under the Income Tax Act. It is filed through the applicable Income Tax Forms out of the seven prescribed Form (ITR 1 to ITR 7).Â
Trusts and societies file their ITRs using the relevant form depending on their nature and sources of income. The commonly used forms include ITR-5 (for entities like firms, LLPs, AOPs, and BOIs) and ITR-7 (specifically designed for trusts, political parties, charitable institutions, and research associations).
Fiscalnow files Income Tax Return for individuals by adhereing to each and every legal requiremets of Income Tax Laws. You can completely rely on us to file your income tax returns. For that, you will just have to provide us with the necessary documents.
Trusts and societies in India to file Income Tax Returns (ITR) under certain circumstances. The requirement to file ITR for trusts and societies depends on their annual income and other factors as prescribed by the Income Tax Act, 1961.
Here are the general guidelines regarding the mandatory filing of ITR for trusts and societies:
General Documents / Informations Required from all assesses:
Generally, the due date for filing of an Income Tax Return is 31st July of finacial year. However, if an assessee is a partner in a LLP or Partnership Firm which is subject to tax audit under the Income Tax Laws then due date in such case would be 31st October.
Note – Considering various factors, goverment may extend the due date of filing an Income Tax Return. However, we suggest not to wait for the extensions and get your ITR filed by us on time.
Filing ITR is a legal obligation for trusts and societies in certain cases as per the provisions of the Income Tax Act, 1961. By filing ITRs on time, trusts and societies ensure compliance with tax regulations, avoiding penalties or legal consequences for non-compliance
Filing ITR allows trusts and societies to claim tax exemptions and deductions available under the Income Tax Act. This helps in reducing the taxable income and overall tax liability of the organization. For example, trusts and societies registered under Section 12A or Section 12AA may be eligible for tax exemption on their income.
Filing ITR establishes transparency and credibility for trusts and societies. It provides a documented financial record that can be presented to donors, stakeholders, government authorities, and other interested parties. This transparency enhances the trustworthiness and accountability of the organization.
Many financial institutions, such as banks, require the submission of ITRs for trusts and societies to open bank accounts, apply for loans, or avail financial services. Having updated and filed ITRs facilitates smooth financial transactions and interactions with such institutions.
Filing ITRs regularly enhances donor confidence and facilitates fundraising efforts. It demonstrates the organization’s compliance with tax laws, proper financial management, and accountability. This can attract more donors and potential funding opportunities
In case a trust or society incurs a loss during a financial year, filing ITR allows for the carry forward of such losses. These losses can be set off against future profits, reducing the tax liability in subsequent years.
: Filed ITRs serve as documentary proof of the trust’s or society’s income and financial stability. This can be useful for various purposes, including legal proceedings, obtaining loans, participating in government tenders, or seeking collaborations or partnerships.
Timely and accurate ITR filing reduces the chances of scrutiny and inquiries from tax authorities. It helps avoid penalties, interest charges, and unnecessary disruptions to the operations of the trust or society