Trust & Society ITR Filing

Trusts and societies registered under Section 12A/12AA of the Income Tax Act must file ITR-7 annually. Trusts enjoying tax exemption must apply at least 85% of their income towards charitable or religious purposes. Non-compliance with the 85% application rule or failure to file on time can result in loss of exemption status.

Important Points:

ITR-7 for trusts, societies, and Section 8 companies claiming exemption
85% of income must be applied towards charitable objectives
12A/12AA registration is a prerequisite for exemption
Due date: October 31 (audit is mandatory for most trusts)

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