Itr
This query is : Resolved
11 September 2014
which itr is required to be filed for Gratuity Provident Fund Trust?
11 September 2014
for gratuity fund trust*
12 September 2014
I T R 7 for trust status
12 September 2014
sir itr7 is applicable for entities who are covered u/s 139(4A), 139(4B), 139(4C), 139(4D), but Gratuity trusts are not covered under any of these.Please clarify it.
13 September 2014
You are covered under 139(4D) of the provision of the ACT .
13 September 2014
Sir i've read the whole sec139(4D). But it does not cover Gratuity trust whose income is exempt u/s 10(25)(iv).
02 August 2024
You are correct that Section 139(4D) of the Income Tax Act does not specifically cover Gratuity Trusts, and the applicability of ITR-7 to Gratuity Provident Fund Trusts can be nuanced.
For a Gratuity Trust, which is exempt under Section 10(25)(iv), the following ITR forms and sections are generally applicable:
### **ITR-6 for Gratuity Trust**
1. **ITR-6:**
- **Applicable For:** ITR-6 is to be used by companies and certain entities that do not claim exemption under Section 11 (which is typically for charitable or religious trusts).
- **Gratuity Trust:** Even though a Gratuity Trust is exempt under Section 10(25)(iv), it is still required to file its return of income under ITR-6.
- **Purpose:** This form is used to report income and details where the trust’s income is exempt or not subject to tax under specific sections.
2. **Key Sections in ITR-6 for a Gratuity Trust:**
- **Schedule I:** Details of income earned by the trust.
- **Schedule B:** Details of income from other sources, if any.
- **Schedule C:** Details of exempt income, including income under Section 10(25)(iv).
- **Schedule D:** Details of deductions or exemptions applicable.
- **Schedule V:** Details of the balance sheet, showing assets and liabilities.
### **Documents and Compliance:**
1. **Trust Deed:** Must provide the foundational details of the trust.
2. **Income and Expenditure Statement:** Must include all sources of income and expenses.
3. **Balance Sheet:** Reflects the financial position of the trust.
4. **Audit Report:** If required, ensure to file the Form 10B (audit report) as applicable.
### **Steps to File ITR-6:**
1. **Download ITR-6:** Obtain the ITR-6 form from the [Income Tax e-Filing website](https://www.incometax.gov.in/).
2. **Complete Details:** Fill out the form with accurate details related to income, exempt income, and financial statements.
3. **Submit Online:** File the form electronically through the Income Tax e-Filing portal.
### **Summary:**
- **ITR-6** is generally applicable for Gratuity Trusts to report their income and exemptions, even though the income may be exempt under Section 10(25)(iv).
- Ensure to provide all necessary financial details and documentation in the return.
- Consult with a tax advisor if you have any specific issues or require further clarification based on your unique circumstances.
If there is any specific aspect of your trust’s operations that requires different treatment, consulting with a tax professional is always advisable to ensure compliance with the latest regulations and requirements.
For a Gratuity Trust, which is exempt under Section 10(25)(iv), the following ITR forms and sections are generally applicable:
### **ITR-6 for Gratuity Trust**
1. **ITR-6:**
- **Applicable For:** ITR-6 is to be used by companies and certain entities that do not claim exemption under Section 11 (which is typically for charitable or religious trusts).
- **Gratuity Trust:** Even though a Gratuity Trust is exempt under Section 10(25)(iv), it is still required to file its return of income under ITR-6.
- **Purpose:** This form is used to report income and details where the trust’s income is exempt or not subject to tax under specific sections.
2. **Key Sections in ITR-6 for a Gratuity Trust:**
- **Schedule I:** Details of income earned by the trust.
- **Schedule B:** Details of income from other sources, if any.
- **Schedule C:** Details of exempt income, including income under Section 10(25)(iv).
- **Schedule D:** Details of deductions or exemptions applicable.
- **Schedule V:** Details of the balance sheet, showing assets and liabilities.
### **Documents and Compliance:**
1. **Trust Deed:** Must provide the foundational details of the trust.
2. **Income and Expenditure Statement:** Must include all sources of income and expenses.
3. **Balance Sheet:** Reflects the financial position of the trust.
4. **Audit Report:** If required, ensure to file the Form 10B (audit report) as applicable.
### **Steps to File ITR-6:**
1. **Download ITR-6:** Obtain the ITR-6 form from the [Income Tax e-Filing website](https://www.incometax.gov.in/).
2. **Complete Details:** Fill out the form with accurate details related to income, exempt income, and financial statements.
3. **Submit Online:** File the form electronically through the Income Tax e-Filing portal.
### **Summary:**
- **ITR-6** is generally applicable for Gratuity Trusts to report their income and exemptions, even though the income may be exempt under Section 10(25)(iv).
- Ensure to provide all necessary financial details and documentation in the return.
- Consult with a tax advisor if you have any specific issues or require further clarification based on your unique circumstances.
If there is any specific aspect of your trust’s operations that requires different treatment, consulting with a tax professional is always advisable to ensure compliance with the latest regulations and requirements.
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