Trusts/NGOs/Section 8 Companies

An Income Tax Return (ITR) is a form that trusts, NGOs (non-governmental organizations), and Section 8 companies, entities established for charitable purposes, must file with the government to declare their income and expenses. It ensures compliance with tax regulations and allows the government to track and monitor the financial activities of these non-profit organizations.

Applications for ITR Filing by Trusts/NGOs/Section 8 Companies

Trusts, NGOs, and Section 8 companies can use various applications to file ITR online. Some popular options include:

• Income Tax Department’s e-Filing Portal: The official portal for filing ITR online.
• MyReturn: A commercial tax filing platform with a user-friendly interface and expert assistance.

Eligibility Criteria for ITR Filing by Trusts/NGOs/Section 8 Companies

All trusts, NGOs, and Section 8 companies registered in India are required to file ITR, regardless of their income or profitability. This includes dormant organizations that have not conducted any significant activities during the financial year.

Documents Needed by Trusts/NGOs/Section 8 Companies to File ITR

The specific documents required for ITR filing may vary depending on the type of organization and its activities. However, common documents typically include:

• Trust Deed (for Trusts): A legal document that outlines the trust’s objectives, beneficiaries, and management structure.
• NGO Registration Certificate (for NGOs): A certificate issued by the Registrar of Societies or the Registrar of Companies, confirming the NGO’s registration under the relevant law.
• Certificate of Incorporation (for Section 8 Companies): A legal document issued by the Registrar of Companies confirming the company’s registration under the Companies Act, 2013.
• Memorandum of Association (MoA) and Articles of Association (AoA) (for Section 8 Companies): Legal documents that outline the company’s objectives, powers, and authorized share capital, as well as its internal rules and regulations.
• Income and Expenditure Statement: A financial statement that summarizes the organization’s income and expenses during a specific period.
• Balance Sheet: A financial statement that provides a snapshot of the organization’s assets, liabilities, and equity at a specific point in time.
• Audit Report (if applicable): A report prepared by a qualified chartered accountant that provides an independent opinion on the organization’s financial statements.
• Bank account statements
• Proof of donations received (e.g., receipts, donor lists)
• Proof of charitable expenses (e.g., invoices, receipts)
• Proof of investments (if any)