CO-Operative Society ITR Selection Procedure

ZenIT || Co-Operative Society ITR Selection Procedure

ITR Selection procedure in case of Co - Operative Society.
The Income Tax Auditor has provided the option to select either ITR-5 or ITR-7 in case the client's status is a Co-operative Society. Below are specific checkpoints where the user can determine whether to file the Co-operative society under ITR-5 or ITR-7.
  1. At the time of creating the new master.
  2. At the time of client selection.
  3. At the time of changing the Assessment year.
At the time of Creating the Master:
When creating the client master, select the status as 'Co-operative Society.' After providing the required data and saving the details, the following message will appear.

"Whether falling u/s  10 and liable to file ITR-7" , if the requirement is for ITR-5 then click on NO and if it is for ITR-7 then click on YES.
      

At the time of client selection or during a change in the assessment year.
The choice between selecting ITR-5 or ITR-7 will be available again when the user chooses a new assessment year.
      

If the user selects 'Yes,' ITR-7 will be generated, and the following screen will appear for filing ITR-7:
      

If the user selects 'No,' ITR-5 will be generated, and the following screen will appear for filing the same:
      


In the context of a CO-OPERATIVE SOCIETY, users have the flexibility to choose between two filing options using the software: ITR7 or ITR5.
ITR 5 is designed for entities such as firms, LLPs, AOP, BOI, artificial juridical persons specified in section 2(31)(vii), cooperative societies, and local authorities. Conversely, individuals obligated to file the return of income under section 139(4A), 139(4B), 139(4C), or 139(4D) should opt for ITR 7.

For those seeking to alter the ITR Form for a Co-operative Society, the following steps can be taken:

Go to Tools --> Repair Database --> Change ITR In Co-operative Society

            

Clicking on this option initiates the transition of your ITR form: from ITR-7 to ITR-5 or vice versa, depending on the initial form.
This process offers users a straightforward method to switch between the two relevant ITR forms, providing convenience and adaptability to meet specific filing requirements.


Hope This Helps.

    • Related Articles

    • Income Tax || Change ITR form in Co-operative Society

      In the context of a CO-OPERATIVE SOCIETY, users have the flexibility to choose between two filing options using the software: ITR7 or ITR5. ITR 5 is designed for entities such as firms, LLPs, AOP, BOI, artificial juridical persons specified in ...

    • Income Tax || How to Feed Deduction u/s 80P

      How to Enter Deduction u/s 80P : Section 80P of the Income Tax Act, 1961, provides deductions to cooperative societies in India. It allows certain cooperative societies to claim a deduction on their income from various activities, promoting the ...

    • ExpressTDS || Financial Year Selection/Change Process

      A financial year is a twelve-month period used by governments, businesses, and organizations for budgeting, financial reporting and tax calculations. In India, the financial year begins on April 1 and ends on March 31 of the following year. To ...

    • ExpressITR || Process to Change the Status/Type for theTrust/AOP/BOI/Society

      Stepwise Process to Update Status/Type Step 1: Log in to the Software Access the software using your credentials. Navigate to the Client Master section. Step 2: Select the Record Locate the specific record for the Trust, AOP, BOI or Society. Click ...

    • ZenIT || ITR-U Rectification process

      What is the ITR-U and How to File: Go to The Process: Click Here For Filing the ITR-U Case 1: User filed the original return and then filed ITR U or wants to submit Rectification. Case 2: User filed only ITR U and then submitting Rectification. ...