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Filing return of income for recognized provident fund

Vinay Channabasappa (CA in Practice) (55 Points)

01 October 2015

Income of Recognized Provident Fund Trusts is exempt under section 10(25)(ii) of Income Tax Act,1961.

Just wanted to check whether Recognized Provident Fund Trusts need to file Return of Income? If so, under which section 139(1), 139 (4A), 139(4B), 139(4C) etc...

Kindly suggest.

Regards

Vinay

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Gagan Deep Singh (CHARTERED ACCOUNTANT) (1190 Points)
Replied 01 October 2015

Recognized provident fund trust will file its return as an AOP u/s 139(1) and return form will be ITR-5.

Please refer clause (iv) of proviso to section 164(1) where it is mentioned that in a case where

the relevant income is receivable by the trustees on behalf of a provident fund, superannuation fund, gratuity fund, pension fund or any other fund created bona fide by a person carrying on a business or profession exclusively for the benefit of persons employed in such business or profession,

tax shall be charged on the relevant income or part of relevant income as if it were the total income of an association of persons.