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ITR Filing for Trust / Society
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ITR-1 @ Rs. 699/-
- Salary Income
- Rent Income From One Property
- Interest Income etc.
This pricing plan includes free consultation
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ITR-2 @ Rs. 1099/-
- Salary Income
- Rent Income From Properties
- Capital Gains or Losses
This pricing plan includes free consultation
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ITR-3 @ Rs. 1999/-
- All Income Covered in ITR-2
- Income From Business or Profession
- Interest Income etc.
- Income or Loss From Intraday Share Trading
- Income or Loss From Derivatives (F&O)
- Director/Patner in a Company/LLP
This pricing plan includes free consultation
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ITR-4 @ Rs. 1499/-
- Salary Income
- Rent Income From Propeties
- Professional Receipts up to Rs. 50 Lacs
- Businesses Covered under Presumptive Taxation
This pricing plan includes free consultation
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Income Tax Returns
An Overview
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.
Is It Mandatory?
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:
- Trusts:
- If a trust is registered under section 12A or section 12AA of the Income Tax Act, it must file an ITR regardless of its income level.
- If the trust’s total income exceeds the basic exemption limit (currently INR 2.5 lakh) in a financial year, it is mandatory to file an ITR.
- Even if the trust’s income is below the basic exemption limit, it is advisable to file an ITR to maintain transparency and comply with tax regulations.
- Societies:
- Registered societies, including charitable or non-profit organizations, are generally required to file ITR if their income exceeds the basic exemption limit in a financial year.
- If a society’s income is below the basic exemption limit, filing an ITR may not be mandatory but is still advisable for transparency and compliance purposes.
Information / Documents Required
General Documents / Informations Required from all assesses:
- Basic Information:
- Name and address of the trust or society.
- Permanent Account Number (PAN) of the trust or society.
- Trust Deed or Memorandum of Association: This document outlines the objectives, activities, and governing structure of the trust or society.
- Financial Statements:
- Income and Expenditure Statement: Prepare a statement that details the income and expenses incurred by the trust or society during the financial year.
- Balance Sheet: Prepare a balance sheet that provides a snapshot of the trust’s or society’s financial position, including assets, liabilities, and capital.
- Income Details:
- Report all sources of income earned by the trust or society, such as donations, grants, membership fees, rental income, interest income, etc.
- Provide supporting documents, such as donation receipts, income certificates, or agreements, to substantiate the reported income.
- Expenditure Details:
- Maintain records of all expenses incurred by the trust or society, categorized by nature and purpose.
- Specify the nature of expenses, such as administrative expenses, program expenses, salaries, rent, etc.
- Tax Exemptions and Deductions:
- Determine and claim applicable tax exemptions and deductions available to trusts or societies, such as those under Section 10(23C) and Section 80G of the Income Tax Act, respectively.
- Provide supporting documents, such as certificates or receipts, to validate the eligibility for exemptions and deductions claimed.
- Trustee or Office Bearer Details:
- Provide details of the trustees or office bearers, including their names, addresses, and PANs.
- Audit Report (if applicable):
- Certain trusts and societies are required to undergo an audit by a qualified chartered accountant. Obtain the audit report as per the applicable provisions of the Income Tax Act.
- Previous Year ITR Copy:
- Provide a copy of the previous year’s filed ITR as a reference.
- Bank Account Details:
- Furnish details of the trust’s or society’s bank accounts, including account numbers and IFSC codes.
Due Date
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.
Benefits
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
