Filing ITR-7 for Section 11

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Guidance for Filing ITR-7 for Section 11 (Trust Registered u/s 12A/12AA) for AY 2024-2025

Trusts and charitable organizations registered under Section 12A/12AA can claim exemptions under Section 11 if specific conditions are met. This guide explains the process for filing ITR-7 for AY 2024-2025 in compliance with the latest provisions.


Step 1: Registration Details Feeding


1. Navigate to Transactions → Prepare ITR-07 → General Info → General Info 1:
  1. Select Section 11 in the Sub-status field.
  2. Fill in Registration Details u/s 12A/12AA and Projection Details (mandatory).
      
      

Note: This is an important update regarding the latest changes in the ITR-07 return. On this page, there is an option labeled "Applicable 22nd Provision u/s 10(23C) or 13(10)".

2. Applicability of the 22nd Provision to u/s 10(23C) or 13(10):
Notes
If Yes:
  1. If you select 'Yes' for this option, you can enter the income in Schedule AI and the expenses in Schedule A. Additionally, you will be required to enter the total income (Schedule AI + Schedule VC) and total expenses (Schedule A + Schedule I) under the Income (22nd Provision) section. The balance income (Income - Expenses = Balance Amount) will be taxed at a rate of 30%.
      
Notes
If No:
  1. If you select 'No' for this option, you will only need to enter the income details in Schedule AI and Schedule VC, or the expense details in Schedule A and Schedule I (Exemption column). In this case, there is no requirement to provide any details in the Income 22nd Provision section.

3. General Information 2 Fields:
  1. This General Information 02 field is not mandatory. It depends on applicability. If your details include Schedule OA, Schedule SH, Schedule 115TD, or Foreign Assets details, you can provide the information. 
            

Step 2: Feeding Auditor/Member Information

  1. Go to Auditor/Member Information:
    1. Member Info: Provide details such as name, address, mobile, and email.
    2. Auditor Info: Enter auditor details if applicable.
      
  1. Accessible via Transactions > Auditor Information if required.

Step 3: Schedule J-1 and J-2 Details

Schedule J-1:
  1. Corpus details (Part-A1), loans/borrowings (Part-A2), and investments/deposits as per Section 11(5).
      

Schedule J-2:
  1. Investments held during the previous years under Section 13(3) (Part-A3) and other investments (Part-D).
      

Note: These sections are optional and should be filled only if relevant data is available.

Step 4: Schedule D - Deemed Income Details

It is not mandatory to provide this information. If the details are available, please enter them. If not, you may proceed without entering the details.

      

If you have filed Form 9A and are entering details of deemed income from the previous year, you may enter the relevant information in Schedule D in the software.

Step 5: Feeding Balance Sheet and Schedule R Details

  1. Input the relevant details in the Balance Sheet and Schedule R sections as applicable.
      
      
      

Step 6: Income Details in Schedule AI and Schedule VC

      

Schedule VC (Voluntary Contributions):
  1. You can enter the voluntary contribution details under the Schedule VC section, based on applicability. Additionally, you can enter details of anonymous donations received there (if applicable).
      

Schedule AI (Other Income):
  1. Provide income details not covered under other specific heads.
      

Section 115BBI:
  1. Input income details subject to a 30% tax rate here.
      

Note: All income details are displayed under these three heads as explained. Do not enter the details in the specific income heads such as Business and Profession, Other Sources, House Property, or Capital Gains tabs.

Step 7: Expense Details in Schedule A and Schedule I

Schedule A:
  1. Enter applicable expense details.
      

Schedule I (Amount Set Apart u/s 11(2)):
  1. Input details for amounts set aside as per Section 11(2).
      

Step 8: Computation and JSON File Generation

      

Preview Computation:
  1. Click Preview Computation to verify all entered data.
  2. Print computation if needed.
Generate JSON File:
  1. Click on ITR-07 JSON Generation to create the file for uploading to the Income Tax Department portal.

Additional Notes for AY 2024-2025

If you have filed Form 10B or Form 10BB through the software, you can also import the data into the Prepare ITR-07 section as per the process below:
  1. Navigate to Transaction, click on Prepare ITR-07, and then select the Import data from Form 10B/10BB option. The data will be imported into the relevant sections from Form 10B or 10BB.

      

Following these steps ensures accurate filing of ITR-7 for trusts claiming exemptions under Section 11. This process accommodates the latest provisions and ensures smooth filing.