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.

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