Kindly help us with step by step guide for filing an ITR of a Trust/NGO.
Thanks for your query.
ITR 7 is the annual income tax return form for 12AB and 10(23C) entities although the same form is used by other types of institutions. It is a detailed form.
In short, the Form has two parts, Part A General has details of organization, registrations, Board composition etc and has several Schedules. More notably Schedule I and D for accumulation and deemed application and taxation if not applied under Section 11, Schedule J for Corpus, Part A-BS for Balance Sheet and Schedule R for Reconciliation of corpus with BS, Schedule VC and AI for Voluntary Contribution (grants and corpus), Schedule AI-Aggregate of Income other than VC, Schedule IE for income and application, Schedule CG for Capital Gains if any, Schedule OS for income from Other Sources if any. These are the main schedules applicable to not for profits.
Part B has Scheule TI for Statement of income and TTI for Computation of Tax payments.
You can download ITR 7 and understand but seek professional help from auditor to fill it to avoid mistakes and return being assessed as defective or unnecessary tax demand. Do check it before filing. Also, you can access tutorials on filing of ITR 7 available in public domain.
Thanks
CS Sharad Bhargava