Please suggest weather trusty of LIC Group Gratuity is required to file ?Income Tax Return ? If "yes" which return form applicable? Here i have a doubt as per rule 12, Form ITR7 is applicable to assessee furnishing return under section 139(4A)/(4B)/(4C)/(4D) but so far as reading of the section it does not cover that. Secondly, Initial contribution and annual contribution is exempt under section 36(1)(v) of IT Act, interest is exempt under section 10(25)(iv). Then, what else could be trust's income for income tax purpose. I have also confusion about the audit of such accounts maintained by the trustee is it mandatory?
Please help, this area seem grey, expert please guide us with relevant provision?
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