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
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