Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA)

Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA)

Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA)

Charitable Institutions which are registered under section 12A/12AA   of the Act can claim exemptions under section 11 of the Act when conditions are become fulfilled. While Section 11 is a general provision and applicable to all charitable institutions.

Please follow the steps below for   Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA)


Step 1 : - 

Go into transactions  → General Information/BS/P&L  →   Page No 5   →  Click Here to fill Detail 




Registration Details u/s 12A/12AA should be filled in Schedule Part-A General



Information is required to be filled -

Name of Project/Institution
Nature Of activity
Classification 
Classification code
Approval/Reg No.
Approval Registering Authority
Section Under which registered of approved 


Step 2 :- 
Go into transactions  → Filling Information   → Filling status 

‘Return furnished section’ should be selected as 139(4A) and ‘Section under which exemption claimed’ should be select as section 11 in Schedule Part-A General
.




Step 3
Go into transactions  → Other Source Income →   Schedule-AI and/ Other Donation 
Income should be disclosed in Schedule-AI and/or Schedule-VC





Step 4
Go into transactions  → Trust Regd. U/s 12 → Point No 1
Application of Income- Revenue expenditure should be disclosed in Schedule-ER 





•Application of Income- Capital expenditure should be disclosed in Schedule-EC.



Exemption u/s 11(1A) claimed in Schedule EC will be allowed to the extent of net consideration disclosed in the Schedule-AI.





These instructions are guidelines data entry in software  for filling the particulars in Income-tax Return Form-7  for Section 11 (Trust Registered u/s 12A/12AA)  for the Assessment Year 2020-21 relating to the Financial Year 2019-20. In case of any doubt, please refer to relevant provisions of the Income-tax Act


    • Related Articles

    • Which schedule is to be filled for claiming exemption u/s 10(23)(C)(vi)?

      Procedure to be followed for schedule is to be filled for claiming exemption u/s 10(23)(C)(vi)? Income to be disclosed in Schedule AI and/or Schedule VC For this Go to Transaction > Other Source Income              1. Other Donation is known as ...
    • Zen IT || How to prepare the ITR-U form

      What is ITR-U Form and How to File ITR-U: ITR-U or Updated Income Tax Return is the form that allows you to rectifying errors or omissions and update your previous ITR. It can be filed within two years from the end of the relevant assessment year. ...
    • How to enter Value in "Schedule IE-1, IE-2, IE-3 and IE-4": Income and expenditure statement

      How to enter value in Schedule IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement In case of ITR 7, Certain schedules to this return form are mandatorily required to be filled up by assessees which are claiming exemption under specific ...
    • Response notice u/s 148

      Response notice u/s 148 Issue of notice where income has escaped assessment. 148. (1) Before making the assessment, reassessment or recomputation under section 147, the Assessing Officer shall serve on the assessee a notice requiring him to furnish ...
    • Section 115BAC

      Section 115BAC Section 115BAC is the newly inserted section in the Income Tax Act, 1961 that deals with the new income tax regime. This section and alternate tax regime was introduced in Union Budget 2020 and is applicable to individuals and Hindu ...