16 August 2011
there will be always a debate of ITR-7 v/s ITR-5 . If your PAN is containing fourth character as 'T' than you will be regarded as a Trust from Income Tax Point of View. But Co-Operative Societies are not Meant for Charity but they are having Profit Motive. Therefore, they should be Treated as AOP/BOI and ITR-5 Should be e-Filed supported with Digital Signature of Person responsible of deducting Tax/ President/ Chairman as per resolution passed by the society.
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