INCOME TAX RETURN FILLING FOR NGO
In this article we will discuss about the income tax return filing for ngo. NGOs plays a very important role in respect of societal issues, education and healthcare to poverty alleviation and environment conservative so NGOs exempt from charitable services but not exempt from financial responsibilities
Due Date of ITR filling:
Non-governmental organizations (NGOs) are required to file income tax returns in India, irrespective of their income or loss. The income tax return form for NGOs is ITR-7 and ITR-5.
- If the NGO is required to get its accounts audited, the due date is 30 September 2023
- If the NGO is not required to get its accounts audited, the due date is 31st July 2023
ITR-7 is filed when persons including companies are required to file their returns as per these section:
Section 139(4A): Income of Charitable and Religious Trusts
Section 139 (4B): Political Parties
Section 139 (4C): Scientific research institutions
Section 139 4(D): University, college or other institution
What is ITR 5 Form?
This income tax return is meant for firms, LLPs (Limited liability partnership), AOPs (Association of persons) and BOIs (Body of Individuals), AJP (Artificial Juridical Person), Estate of deceased, Estate of insolvent, Business trust and investment fund.
- Firm
- LLP
- Body of Individual
- Association of Persons
- Cooperative Society
- Society registered under Societies Registration Act, 1860
- Trust
- Estate of Deceased Person
- Business Trust referred to in Section 139(4E)
- Investments Fund referred to in Section 139(4F)
No annexures required
No document (including TDS certificate) should be attached with this return form while filing ITR-7 and ITR-5.
Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS and no need to attached any documents with the return if filling ITR-5.
Documents Required for Income in case of ITR-7
Tax Return Filing for NGOs:
There are the following documents are required to file income tax returns for NGOs:
- Income and expenditure statement for the previous year
- Balance sheet for the previous year
- Audit report (if applicable)
- PAN card of the NGO
- TAN card of the NGO
- Trust Deed
- Bank statement
How do I Fill out the ITR-7 Form and ITR-5?
Instructions for filling out ITR-7
Sequence for filling out parts and schedules
The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.
Part A (General Information)
Part B (Outline of the total income and tax computation with respect to income chargeable to tax)
Schedules
Verification
How do I File my ITR-7 Form and ITR-5?
This return form is to be filed electronically with the Income Tax Department:
- By furnishing the return electronically under digital signature
- By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V
After submitting the return, the assessee has to take out two prints of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to: Centralised Processing Centre, Income Tax Department, Bengaluru – 560500, Karnataka.
Conclusion:
If we want to file a return for an NGO that covers charitable activities for ITR-7 and society registration or trust for ITR-5, we need to file this return for the NGO and for others as per applicability. We need to file this return before the due date with proper and reliable details.
DISCLAIMER: The information provided in this article is intended for general informational purposes only and is based on the latest guidelines and regulations. While we strive to ensure the accuracy and completeness of the information, it may not reflect the most current legal or regulatory changes. Taxpayers are advised to consult with a qualified tax professional or you may contact to our tax advisor team through call +91-9871990888 or info@semantictaxgen.in.