ITR 7 Filing Query
This query is : Resolved
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?
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?
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/
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/
Message likes :
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05 September 2022
Sir, I am not able to conclude what is "own funds" from the manual; it does not cointain.
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...
It means total assets of the trust less any borrowings/credits...
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