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Annual return GSTR-9 and GSTR-9C, under section 44 of CGST Act, due date stands extended for financial year 2019-20 from 3:

Online E-Filing Of Society

Charitable Trusts, Societies, and Foundations come under the head of NGOs i.e. Non-Governmental Organisations that work for the social and economic welfare of the society. There are different forms of organizations that can be formed for raising out a hand for charitable activities.

Charitable purpose’ includes relief of poor people like education, medical relief, and the advancement of any object of general human welfare. One of the benefits which NGOs have is Under Section 80G.

Tax Seva Kendra will provide you all the necessary services and legal advice related to Income Tax Return filing for NGOs' and also guide for other compliances. Choose a plan according to your nature.

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Advantages of ITR Filling for Society/Trust

Exemption From Income Tax

Income derived from property held under trust or of an institution wholly for charitable/religious purposes is exempt if 85% of the income is spent on the objects of the trust, during the year. however, when the amount spent is less than 85% of the income, the shortfall is taxable. The Income Tax Act has spared the income of a charitable trust from the scope of Income Tax when a trust spends more than or equal to 85% of its total receipts towards its object in India, then there is no tax on the balance of 15%.

Easy Loan Processing

Income Tax return filing helps charitable trusts in taking loans from various Financial Institutions. Most of the banks and NBFCs ask for ITR receipts from businesses for the latest three years when a business applies for a high-value loan like a long-term loan or working capital loan. Lenders consider ITR because the most authentic document supporting business turnover and income. Hence, you should regularly file income tax returns if you wish to take a loan in the future.

To Receive Government Grant

The prime advantage of income tax return filing of charitable is to easily procure the government grants in their field. If your trust is eligible as per the guidelines of the ministry/organization/department then only you can apply for the government grants. The funding declared by the concerned ministry or department is based on the income tax return, the profile of NGO and Annual Reports, Audit Reports. thus, ITR filing is very important to receive the government grant.

Define Net Worth

The ITR filed with the government defines the financial worth of an organization. It helps in tracking the net worth of an entity it shows companies turnover, its assets, and income, the track of ITR shows the financial capacity, and also increases the capital base of an individual.

Price Table
Plan - A

Basic

500
+ GST 18%

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Plan - B

Standard

700
+ GST 18%

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  • Work with 100% accuracy
  • Free consulting service
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  • Document-1
  • Document-2
  • Document-3
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Plan - C

Premium

1000
+ GST 18%

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  • Project delivery within 7 days
  • Work with 100% accuracy
  • Free consulting service
DOCUMENTS REQUIRED
  • Document-1
  • Document-2
  • Document-3
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FAQs
Q.How is trust income taxed?

A. Once money is placed into the trust, the interest it accumulates is taxable as income, either to the beneficiary or the trust itself. The trust must pay taxes on any interest income it holds.

Q.Who needs to file Form10b?

A. Charitable trust/institution whether registered as a public charitable trust or a society under the Act 1860 or as a company licensed under section 8 of the Indian Companies Act is required to file along with the Return of income in ITR-7, Audit Report in Form 10B.

Q. How do I get a tax exemption for a charitable trust?

A. In order to be eligible for claiming exemption, under income tax it is essential that the income of the trust is applied to such objects. A charitable trust or institution will have to apply at least 85 % of the income to charitable purposes.

Q. Is audit compulsory for trust?

A. Tax audit is compulsory, if turnover of trust who engages in business is exceeds 1crore. Tax Audit provisions is generally not applicable to trusts which do not carry on any business.

Q. Is it mandatory to file ITR for trust?

A. Yes, it is mandatory for all trusts covered under Sections 139(4A), 139(4C), 139(4D) and 139(4E) to file income tax return. For other trusts not covered under these sections, have to file ITR in case their income exceeds the thresh hold limit as prescribed under Income Tax. In case the Trust is required to get its accounts audited, then the income tax return must be e-filed along with the Digital Signature of the Chartered Accountant who is responsible for carrying out the audit.

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