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ITR 7 Filing Query

This query is : Resolved 
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(Querist)
30 August 2022 1. Is it mandatory to fill Balance sheet and Profit & Loss a/c for Trusts with 12A registration?
2. Any guide for filing is prescribed? I could not find the manual in the IT portal.
3. "Own funds" in Liabilities side of the Balance sheet of ITR7 includes all funds including Excess of Income over expenditure?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 August 2022 1. Yes.

2. Refer the link and click on the instruction under ITR 7. [ though of preceding year]
https://caclub.in/new-itr-forms-instructions-business-codes/
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S Betrayasamy Co

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S Betrayasamy Co (Querist)
05 September 2022 Sir, I am not able to conclude what is "own funds" from the manual; it does not cointain.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
05 September 2022 It is trusts on capital, i.e. the assets that trustees receive when the trust commences...
It means total assets of the trust less any borrowings/credits...
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