Itr- 7 exemption
This query is : Resolved
04 December 2013
Can anybody advise which ITR form to be used for gratuity fund whose income is exempt u/s 10(25).
ITR-7 in A.Y. 2012-13 had a column for claiming exemption u/s 10(25), but ITR-7 for A.Y. 2013-14 has no such column.
besides, the PAN No. of assessee contains "T" as 4th letter. therefore, the system automatically selects ITR-7.
ITR-7 in A.Y. 2012-13 had a column for claiming exemption u/s 10(25), but ITR-7 for A.Y. 2013-14 has no such column.
besides, the PAN No. of assessee contains "T" as 4th letter. therefore, the system automatically selects ITR-7.
04 December 2013
Based on the PAN, ITR-7 has to be filed.
Tick mark 'yes' in clause B of Part A-GEN. Also show exempted income in clause 6(vii) of Part B-TI. Hope this will serve the purpose.
Tick mark 'yes' in clause B of Part A-GEN. Also show exempted income in clause 6(vii) of Part B-TI. Hope this will serve the purpose.
04 December 2013
in this column there is no clause of sec 10(25)
04 December 2013
Column for Section 10 is there which means it can be from subsection 1 to 49 of section 10.
05 December 2013
yah .. i have seen but there is no such as section 25 column. besides there is all column is available 10- 10(47) other than sec 25.
02 August 2024
For income that is exempt under Section 10(25) of the Income Tax Act, the correct procedure and forms to use can be somewhat nuanced, especially if there are discrepancies in the form details over the years.
### **Understanding Section 10(25) and ITR Forms:**
1. **Section 10(25) Overview:**
- Section 10(25) provides exemptions for income from a gratuity fund, but this is specific to certain types of funds and trust entities, usually governed by rules applicable to their exempt status.
2. **ITR-7 Form Usage:**
- **A.Y. 2012-13:** In the past, ITR-7 had provisions to show exemptions under various sections, including 10(25).
- **A.Y. 2013-14 and Subsequent Years:** The format of ITR-7 has evolved, and some specific exemptions might no longer have dedicated sections directly visible on the form.
### **Steps to Handle Exemption under Section 10(25):**
1. **File the Correct ITR Form:**
- Since your PAN contains "T" as the fourth letter, the system selects ITR-7 automatically. This is appropriate for entities and trusts that require such forms.
2. **No Direct Column for Section 10(25):**
- If there is no direct column for Section 10(25) in the form, you should:
- **Include Details in Schedule:** Report the income in the appropriate section of ITR-7 where exempt incomes are reported. Usually, this would be within the “Exempt Income” section or related schedules.
- **Attachments:** Attach a statement or note explaining the nature of the exempt income and referencing Section 10(25). This can help in clarifying the status of the exempt income.
3. **Additional Reporting:**
- **Attach Supporting Documents:** Ensure that all supporting documents, such as statements from the trust or fund detailing the exempt status, are attached to the return.
- **Narrative Explanation:** If there is no dedicated column, provide a narrative explanation in the relevant sections or attachment fields, detailing why the income is exempt under Section 10(25).
4. **Consult Professional Guidance:**
- Given the complexity and potential changes in forms over the years, consulting with a tax professional or chartered accountant can ensure that you comply with current requirements and report the exemption correctly.
### **Summary:**
- **Use ITR-7:** If it is automatically selected due to your PAN, proceed with ITR-7.
- **Report Exempt Income:** Use the section for exempt income or add a detailed note explaining the exempt status under Section 10(25).
- **Attach Supporting Documents:** Include any necessary documents to substantiate the exempt status.
- **Seek Professional Help:** For accurate filing, consult a tax professional if you have further concerns.
Feel free to reach out if you need more specific guidance or have other questions related to tax filing!
### **Understanding Section 10(25) and ITR Forms:**
1. **Section 10(25) Overview:**
- Section 10(25) provides exemptions for income from a gratuity fund, but this is specific to certain types of funds and trust entities, usually governed by rules applicable to their exempt status.
2. **ITR-7 Form Usage:**
- **A.Y. 2012-13:** In the past, ITR-7 had provisions to show exemptions under various sections, including 10(25).
- **A.Y. 2013-14 and Subsequent Years:** The format of ITR-7 has evolved, and some specific exemptions might no longer have dedicated sections directly visible on the form.
### **Steps to Handle Exemption under Section 10(25):**
1. **File the Correct ITR Form:**
- Since your PAN contains "T" as the fourth letter, the system selects ITR-7 automatically. This is appropriate for entities and trusts that require such forms.
2. **No Direct Column for Section 10(25):**
- If there is no direct column for Section 10(25) in the form, you should:
- **Include Details in Schedule:** Report the income in the appropriate section of ITR-7 where exempt incomes are reported. Usually, this would be within the “Exempt Income” section or related schedules.
- **Attachments:** Attach a statement or note explaining the nature of the exempt income and referencing Section 10(25). This can help in clarifying the status of the exempt income.
3. **Additional Reporting:**
- **Attach Supporting Documents:** Ensure that all supporting documents, such as statements from the trust or fund detailing the exempt status, are attached to the return.
- **Narrative Explanation:** If there is no dedicated column, provide a narrative explanation in the relevant sections or attachment fields, detailing why the income is exempt under Section 10(25).
4. **Consult Professional Guidance:**
- Given the complexity and potential changes in forms over the years, consulting with a tax professional or chartered accountant can ensure that you comply with current requirements and report the exemption correctly.
### **Summary:**
- **Use ITR-7:** If it is automatically selected due to your PAN, proceed with ITR-7.
- **Report Exempt Income:** Use the section for exempt income or add a detailed note explaining the exempt status under Section 10(25).
- **Attach Supporting Documents:** Include any necessary documents to substantiate the exempt status.
- **Seek Professional Help:** For accurate filing, consult a tax professional if you have further concerns.
Feel free to reach out if you need more specific guidance or have other questions related to tax filing!
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