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Societies Income tax form

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Akansha jain

90 Points Posted on 30 September 2023

Is there any form to be filed by a society for application of corpus funds?

Replies (2)

Quick Summary

This discussion clarifies that there isn't a specific form for applying corpus funds by a society or trust. Instead, such applications should be reported in ITR-7, specifically within Schedule I and the 'Part of application' section. It also highlights that from AY 2022-23, spending corpus funds isn't automatically considered application unless reinvested. Key forms mentioned include Form 9A for deemed application and Form 10 for accumulation, along with audit reports like Form 10B or 10BB.

sabyasachi mukherjee

Profession

19978 Points Posted on 05 October 2023

Societies income tax form.

Aashok Kumar Sharma

Finance/Compliance Consultant

75663 Points Posted on 08 November 2026

Application of corpus funds by a trust or society:
• From AY 2022-23, application of income from corpus funds isn't treated as application in the year of spending, unless the corpus is reinvested or redeposited (Explanation 4 to Sec 11(1)). There's no specific form for "application of corpus". Report it in ITR-7 (Schedule I and Part of application).
• Accumulation forms: Form 9A (deemed application option, filed 2 months before the ITR due date) and Form 10 (accumulation under 11(2)).
• Audit reports: Form 10B or 10BB.