As last date of filling Income Tax Return of NGO is approaching, it is necessary that we should keep in mind some of the points related to Income Tax Return of NGO. Generally, NGOs are exempt from Income Tax and thus any TDS deducted will be given as Refund.
Form No is ITR 7
You can download ITR7 for Income Tax Return of NGO from here.
Last date for filling return is 30th September
Hard Copy or Online
It is now mandatory to file ITR7 only online. NGO need to login to income tax website and fill the form to upload.
This online form is to be digitally signed by the Authorized person. So mostly DSC of managing trustee can work.
Details – Income
In the Income Tax Return of NGO, it is necessary to give information regarding the details of Income of NGO – mostly they are –
- Voluntary Contribution – Corpus
- Voluntary Contribution – General
- Grants – (FC grant separately)
- Government Grants
- Other Income like Bank Interest, FC Interest and any other income
- Business Income if any should shown separately
Details – Application of Funds
Also need to fill details regarding how the above income is used – application of funds
- Expenditure shown in the Income and Expenditure Accounts
- Amount set apart or carried forward
- Depreciation etc..
Details – Others
Many other information are needed to be filled in the Income Tax Return of NGO like
- All the Registration details, 12A, 80G, 35AC, FC Details
- PAN and Address of all the Trustees
- TDS information
- Investments of NGOs etc..
Mostly, Income Tax Return of NGO filled by their Auditor or CA. However it is necessary for NGO accountant and top management to at least go through all the details of draft ITR7 and only ask CA to upload finally.