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Provisional 12a and 80g then which Itr form will be filled ITR7 or 5

Roshan A. Dongre (Cheif Accountant) (21 Points)

26 October 2023

if we have provisional 12a and 80g then which Itr form will be filled ITR7 or 5.

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Yasaswi Gomes new (Finance ) (4501 Points)
Replied 06 March 2024

If your trust or institution has provisional registration under Section 12AB, you need to consider the following scenarios:
If your trust or institution has provisional registration under Section 12AB, you need to consider the following scenarios: a. New Trust or Institution with Provisional Registration: - If your organization is newly registered and has provisional status under Section 12AB, you should use Form 10AB for applying for final registration for a period of five years. - File this form at least six months before the expiry of the provisional registration or within six months of commencement of your activities, whichever is earlier. b. Trusts or Institutions Already Registered under Section 12A/12AA (Migration to Section 12AB): - If your trust or institution was already registered under Section 12A/12AA and is now migrating to Section 12AB, you should use Form 10A. - The validity period for this registration is five years. - File Form 10A within three months from April 1, 2021 (originally up to June 30, 2021, but now extended to March 31, 2022). c. Trusts or Institutions Registered under Section 12AB (5-Year Period Due to Expire): - If your trust or institution is already registered under Section 12AB, and the five-year period is due to expire, apply for renewal using Form 10AB. - File this form at least six months before the expiry of the existing five-year period.
80G Approval:
- If your organization also holds 80G approval, it does not significantly impact the choice of ITR form.
- Both ITR-5 and ITR-7 can be used for filing returns by trusts and institutions.
- However, the specific form to choose depends on other factors such as the nature of income, whether the organization is a company, etc.
Choosing the Correct ITR Form:
- ITR-5: Use this form if your organization is not a company and has income from sources other than business or profession.
- ITR-7: Use this form if your organization is a company or has income from business or profession, and also if it falls under specific categories (such as trusts, political parties, etc.).