Filing of return: All Charitable Organisations having income exceeding the minimum exemption limit during the previous year are required to file their return of income. The ‘income’ for the needs of filing the return should be computed without giving effect to the provisions of sections 11 and 12 of the Act. The return is to be filed as per the provisions of section 139(4A) and (4C) within the manner provided in section 139 of the Act. It is mandatory for an organisation to file a return of income electronically with or without a digital signature. However, an organisation for which it is necessary to get its accounts audited under section 44AB? shall furnish the return electronically by using digital signature. After the filing of the return, the assessee shall take 2 print out of the ITR-V Form. One copy of ITR-V, duly signed by the assessee, has got to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka). the opposite copy could also be retained by the assessee for his record.
Persons who are eligible for filing ITR Form 7 will be as below:
The return is often filed online on the E Filing Portal of income tax website.
One set of the subsequent documents are required to be attached with the return :
An organisation which fails to furnish its return of income within the maturity can still submit its return of income any time before the top of the relevant assessment year or before the completion of the assessment whichever is earlier. as an example, a return of income for the fiscal year 2018-2019 are often submitted up to 31st March 2020. If an organisation having furnished a return, discovers any omission or any wrong statement in its return, organisation may furnish a revised return at any time before the top of the relevant assessment year or before the completion of the assessment, whichever comes earlier.
(I) Amount of fee payable for late filing of return of income [Section 234F (1)]: Where an organisation registered under section 139(4A) or 139(4C) required to furnish a return of income under section 139, fails to try to so within the time prescribed in section 139(1), the organisation shall pay, by way of fee, a sum of- • Rs. 5,000, if the return is filed on or before the 31st day of December of the assessment year. • Rs. 10,000 in the other case. However, the entire income doesn’t exceed Rs.5,00,000, the fee payable under this section shall not exceed Rs. 1,000.
3. Exemption under sections 11 and 12 to the trust shall not be allowed if it doesn’t furnish the return of income within the time allowed under section 139 [Section 12A(1)(ba)].