Section 8 company itr7

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.