ITR 7 Filing Query

This query is : Resolved

S Betrayasamy Co (Querist)
Follow

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?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

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/

Message likes : 1 times

S Betrayasamy Co

S Betrayasamy Co (Querist)
Follow

05 September 2022 Sir, I am not able to conclude what is "own funds" from the manual; it does not cointain.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

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...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now