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Section 8 company itr7

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haridas rao

73 Points Posted on 06 September 2023

Can ITR 7 for section 8 company be filled using income and expenditure account prepared on accrual basis as source of funds and application of funds or preparation of separate receipts and payments account(cash basis) compulsory for ITR 7?

Replies (6)

Quick Summary

This discussion clarifies the correct Income Tax Return (ITR) form for Section 8 companies, particularly concerning the basis of accounting. While ITR-6 is generally for companies, Section 8 companies with charitable objects may need to file ITR-7, especially if claiming exemptions under Section 139(4A). The core question revolves around whether an Income and Expenditure account (accrual basis) is sufficient, or if a separate Receipts and Payments account (cash basis) is compulsory for ITR-7 filing.

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 06 September 2023

I think for company it is ITR-6

prasad Nilugal

GST Practitioner & Accounts

15150 Points Posted on 06 September 2023

But I think , if they are filling under section 139(4A) of the income tax Act, then they have to file ITR7 . because,Section 8 Companies are for Charitable object. So please let us know are you filling income tax return under section 139(4) of the income tax Act ?.