Income tax return of aop/trust
This query is : Resolved
03 September 2015
SIR,
CAN I KNOW ABOUT THE DISCLOSURE TO BE MADE IN INCOME TAX RETURN OF ASSOCIATION OF PERSON OR TRUST.WHAT ARE THE DETAILS TO BE ENTERED. WE ARE NOT GETTING THE OPTION OF ENTERING BALANCE SHEET IN INCOME UNDER HEAD PGBP. SO ,PLZ GUIDE ME.
THANK YOU
CAN I KNOW ABOUT THE DISCLOSURE TO BE MADE IN INCOME TAX RETURN OF ASSOCIATION OF PERSON OR TRUST.WHAT ARE THE DETAILS TO BE ENTERED. WE ARE NOT GETTING THE OPTION OF ENTERING BALANCE SHEET IN INCOME UNDER HEAD PGBP. SO ,PLZ GUIDE ME.
THANK YOU
17 September 2015
PLEASE HELP ME REGARDING THE ABOVE QUERY.
01 August 2024
Filing the Income Tax Return (ITR) for an Association of Persons (AOP) or a Trust involves several specific disclosures and details. For AOPs and Trusts, the applicable ITR form is typically ITR-5 or ITR-7, depending on the nature of the income and activities.
### Key Disclosures in the ITR of an AOP/Trust
1. **Basic Information**:
- Name and Address of the AOP/Trust
- PAN of the AOP/Trust
- Date of formation/incorporation
- Nature of business or activity
- Details of the principal office and other places of operation
- Details of the managing trustee or key persons
2. **Details of Income**:
- **Income from House Property**: Rent received, municipal taxes paid, etc.
- **Income from Business or Profession (PGBP)**:
- Gross receipts or turnover
- Deductions under various heads such as rent, salaries, wages, etc.
- Net profit or loss
- **Capital Gains**: Details of any capital gains transactions during the year
- **Income from Other Sources**: Interest, dividends, etc.
3. **Deductions and Exemptions**:
- Details of deductions under Chapter VI-A (such as Section 80G for donations, Section 80C for certain payments, etc.)
- Details of exemptions claimed under relevant sections (such as Section 11 for trusts)
4. **Balance Sheet and Profit & Loss Account**:
- While the ITR forms have sections for P&L and Balance Sheet, the specific sections and schedules for balance sheet disclosures in the ITR-5 and ITR-7 are as follows:
- **ITR-5**: Schedule BP (Details of Income from Business or Profession), Schedule BS (Balance Sheet as on 31st March of the financial year), and Schedule P&L (Profit & Loss Account for the financial year)
- **ITR-7**: Schedule BP, Schedule BS, and Schedule P&L
5. **Tax Payments and TDS Details**:
- Advance tax payments and self-assessment tax details
- TDS/TCS details as applicable
### Steps to Fill Balance Sheet and P&L in ITR-5/ITR-7
1. **Download the Appropriate ITR Form**:
- Use the offline utility (Excel or Java) or the online form available on the Income Tax e-filing portal.
2. **Navigate to the Balance Sheet and P&L Sections**:
- In ITR-5, go to Schedule BS and Schedule P&L.
- In ITR-7, go to the relevant schedules for balance sheet and profit and loss account.
3. **Enter the Details in the Respective Fields**:
- **Balance Sheet**: Enter details of assets and liabilities as on 31st March of the financial year.
- **Assets**: Fixed assets, current assets, loans and advances, etc.
- **Liabilities**: Capital fund, reserves and surplus, current liabilities, etc.
- **Profit & Loss Account**: Enter details of income and expenditure for the financial year.
- **Income**: Sales, service income, other operating income, etc.
- **Expenditure**: Cost of goods sold, salaries, administrative expenses, etc.
4. **Review and Validate**:
- Ensure all mandatory fields are filled and that the balance sheet and P&L tallies.
- Validate the form to check for any errors or missing information.
5. **Upload and Submit**:
- Generate the XML file from the utility and upload it on the e-filing portal.
- Verify the return using Aadhaar OTP, EVC, or by sending a signed ITR-V to CPC, Bangalore.
### Additional Tips
- **Use Digital Signature**: If applicable, ensure the return is signed using a digital signature certificate (DSC).
- **Documentation**: Keep all supporting documents, such as financial statements, audit reports, and Form 10B (for trusts), ready for reference and audit purposes.
- **Seek Professional Help**: If you are unsure or need assistance, consult a Chartered Accountant or a tax professional.
By following these steps and ensuring accurate disclosure, you can file the ITR for your AOP or Trust correctly and comply with the Income Tax regulations.
### Key Disclosures in the ITR of an AOP/Trust
1. **Basic Information**:
- Name and Address of the AOP/Trust
- PAN of the AOP/Trust
- Date of formation/incorporation
- Nature of business or activity
- Details of the principal office and other places of operation
- Details of the managing trustee or key persons
2. **Details of Income**:
- **Income from House Property**: Rent received, municipal taxes paid, etc.
- **Income from Business or Profession (PGBP)**:
- Gross receipts or turnover
- Deductions under various heads such as rent, salaries, wages, etc.
- Net profit or loss
- **Capital Gains**: Details of any capital gains transactions during the year
- **Income from Other Sources**: Interest, dividends, etc.
3. **Deductions and Exemptions**:
- Details of deductions under Chapter VI-A (such as Section 80G for donations, Section 80C for certain payments, etc.)
- Details of exemptions claimed under relevant sections (such as Section 11 for trusts)
4. **Balance Sheet and Profit & Loss Account**:
- While the ITR forms have sections for P&L and Balance Sheet, the specific sections and schedules for balance sheet disclosures in the ITR-5 and ITR-7 are as follows:
- **ITR-5**: Schedule BP (Details of Income from Business or Profession), Schedule BS (Balance Sheet as on 31st March of the financial year), and Schedule P&L (Profit & Loss Account for the financial year)
- **ITR-7**: Schedule BP, Schedule BS, and Schedule P&L
5. **Tax Payments and TDS Details**:
- Advance tax payments and self-assessment tax details
- TDS/TCS details as applicable
### Steps to Fill Balance Sheet and P&L in ITR-5/ITR-7
1. **Download the Appropriate ITR Form**:
- Use the offline utility (Excel or Java) or the online form available on the Income Tax e-filing portal.
2. **Navigate to the Balance Sheet and P&L Sections**:
- In ITR-5, go to Schedule BS and Schedule P&L.
- In ITR-7, go to the relevant schedules for balance sheet and profit and loss account.
3. **Enter the Details in the Respective Fields**:
- **Balance Sheet**: Enter details of assets and liabilities as on 31st March of the financial year.
- **Assets**: Fixed assets, current assets, loans and advances, etc.
- **Liabilities**: Capital fund, reserves and surplus, current liabilities, etc.
- **Profit & Loss Account**: Enter details of income and expenditure for the financial year.
- **Income**: Sales, service income, other operating income, etc.
- **Expenditure**: Cost of goods sold, salaries, administrative expenses, etc.
4. **Review and Validate**:
- Ensure all mandatory fields are filled and that the balance sheet and P&L tallies.
- Validate the form to check for any errors or missing information.
5. **Upload and Submit**:
- Generate the XML file from the utility and upload it on the e-filing portal.
- Verify the return using Aadhaar OTP, EVC, or by sending a signed ITR-V to CPC, Bangalore.
### Additional Tips
- **Use Digital Signature**: If applicable, ensure the return is signed using a digital signature certificate (DSC).
- **Documentation**: Keep all supporting documents, such as financial statements, audit reports, and Form 10B (for trusts), ready for reference and audit purposes.
- **Seek Professional Help**: If you are unsure or need assistance, consult a Chartered Accountant or a tax professional.
By following these steps and ensuring accurate disclosure, you can file the ITR for your AOP or Trust correctly and comply with the Income Tax regulations.
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