The assessee is a Gratuity Trust and has obtained approval from Income tax department under Part C of Schedule IV of Income Tax Act. we have filed return of income in ITR-7 for AY 2014-15 and AY 2015-16 by claiming exemption u/s 10(25)(iv) - Income received by trustees on behalf of approved gratuity fund. In the instance case the assessee can claim the exemption under above relevant section, there is no provision to select the relevant section in ITR-7. how to proceed with this?? in the intimation we received after processing return the claim has been disallowed.
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Exemption u/s 10(25)(iv)
Replies (10)
please reply i have the same query as above
Hey aditya and anuradha, i know an answer to the query asked but its my personal opinion and i.e. the entity in the case mentioned is in nature of a private trust and hence the return is to be filed under ITR 5 and not in ITR 7. There you can avail the exemption under section 10(25) as mentioned in the case above. Hope this solves your query.
Take care !
can u please exactly show the row in ITR 5 where i have to show that i will be claimimg exemption u/s 10(25)(iv).
Hey anuradha, if you go through the ITR 5 form you will find a schedule EI (short for Exempt Income) where u will enter the exempt income. And in this case, income will fall under column 'Others'.
Thank You so much. Hope it helps
I hope the same. Take care!
BUT trust is having forth letter of its PAN T, and trust can only file ITR 7 so can ITR 5 be filled?
private discretionary trust will file ITR 5.
Do you require to fill the balance sheet for private trust
when a gratuity trust initially not registered but get itself registered subsequently and can it claim exemption under section 10(25)?
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