ITR 7 FILING ON DONATION OF A TRUST

WE ARE A CHARITABLE TRUST AND WE HAVE PAID A DONATION TO ANOTHER TRUST REGISTERED UNDER SECTION 12AB OF INCOME TAX ACT(OUR TRUST ALSO REGISTERED UNDER SECTION 12AB).AS PER ACT 85%ONLY ALLOWED AS APPLICATION FOR AN EXAMPLE DONATION PAID IS Rs.450000/ BUT ALLOWABLE ONLY 85% THAT IS Rs. 382500/ IN THE PAID AMOUNT OF THE DONATION IN TRUST RETURN.BALANCE AMOUNT OF Rs.67500/ TO BE FILLED WHICH COLUMN IN ITR 7.AMOUNT APPLIED COLUMN OF ITR 7 ALSO TOOK 85%ONLY.KINDLY GUIDE US.BECAUSE RETURN FILING DATE IS FAST APPROACHING.
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here's a general pointer: - Column 21: 'Application of Income' in ITR 7: Fill in the amount of ₹3,82,500 (85% of the donation allowed as application). - Column 22: 'Amount not applied' in ITR 7: Fill in the balance amount of ₹67,500. Please verify this with a tax professional to ensure accuracy. Additionally, you may want to explore if there are any specific provisions or exemptions applicable to your trust's situation. Remember to file your return before the deadline to avoid any late filing penalties.

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