All you need to know about Income Tax Return of NGO – ITR7

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.

Read this blog – How to get Income Tax Refund of NGO quickly

Form No

Form No is ITR 7

Download Link

You can download ITR7 for Income Tax Return of NGO from here.

Last Date

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, you can get help form the seis tax relief service.

Signature

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..

Conclusion

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.