ITR FORM - Superannuation fund

For an approved superannuation fund, the correct ITR form to use is generally ITR-7.

Why ITR-7?

ITR-7 is specifically designed for persons (including companies) who are required to furnish a return under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act. These sections cover entities that claim exemptions under specific provisions of the Income Tax Act, which includes approved superannuation funds.

• ITR-5 is generally used by firms, LLPs, AOPs, BOIs, local authorities, and cooperative societies that do not claim exemptions under the sections applicable to ITR-7.

• ITR-7 is the appropriate form for trusts, funds, or institutions claiming exemptions under various clauses of section 10, 11, or 12. Since an approved superannuation fund operates under specific tax-exempt provisions, it falls under the purview of ITR-7.

Summary of Key Points

• Form to Use: Use ITR-7.

• Reasoning: It is intended for entities claiming tax exemptions under specific sections of the Income Tax Act, including approved superannuation funds.

• Requirement: Ensure you have the details of your registration/approval under the Income Tax Act ready, as these are required in "Part A – General Information" of the ITR-7 form.

• Note: Always verify your specific status and any recent updates via the Income Tax e-Filing portal to ensure compliance with the latest filing requirements for your assessment year.

Summary: The correct form for an approved superannuation fund is ITR-7, as it is designed for entities claiming specific tax exemptions under the Income Tax Act.