The client is a registered society working for religious & charitable purposes. We have also made an application u/s 12AA, proceedings of which are ongoing.
The querry is that, while filling up Form ITR-7, under which head should i classify the Surlpus appearing in the Income & Expenditure A/c of the society.
The generic knowledge about Income Tax Returns of societies & trusts says to recognize the income as "income from property held under trust". But i am unable to find that under which Income head should it be displayed ?
Kindly answer the querry alongwith relevent citation of the Act or Case Law.
CAclubindia
