Online E-Filing of Trust
The income tax return of Charitable Trusts must be mandatorily filed using ITR 5 or ITR 7. In case the Trust is required to file an income tax return because taxable income is in excess of the basic exemption limit, then ITR 5 can be filed. If the Trust needs to file income tax return mandatorily under Sections 139(4A) or139(4B) or 139(4C) or 139(4D) or 139(4E) or139(4F) of the Income Tax Act, then ITR 7 must be filed.
It is obligatory for all trusts to e-file income tax returns. In case the Trust is required to get its accounts audited, then the income tax return must be filed online along with the Digital Signature of the Chartered Accountant who is responsible for carrying out the audit.
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Any Trust with a gross total income of more than the basic exemption limit is required to file income tax returns mandatorily. Also, the following types of trusts are required to file an income tax return, irrespective of gross total income:
- Research Association
- News Agency
- Association or Institution
- Fund or Institution
- University or other Educational Institution
- Mutual Fund
- Securitization Trust
- Investor Protection Fund
- Core Settlement Guarantee Fund
- Venture Capital Company or Venture Capital Fund
- Trade Union
- Body / Authority / Board / Trust / Commission
- Infrastructure Debt Fund
- Business Trust
The due date for tax filing for Trusts are mentioned below:
- September 30th: if the Trust is required to get its accounts audited under the Income Tax Act or under any other law.
- 30th November: if the Trust is required to file Form No. 3CEB. Form 3CEB is going to be required if the trust has entered into certain sorts of related party transactions.
- 31st July: if the Trust does not need to get its accounts audited.
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