Respected Members,
I am working in an organisation where the Company maintains an Income tax recognised Trust Fund for payment of Gratuity to its employees duly registered under Rule 2(1) of Part C of the Fourth Schedule to the Income Tax Act, 1961.
The Trust generates interest income by investing in Fixed Deposits and NAV-based revenue by investing its corpus with private insurance companies. The accounts are audited by Auditors and Trustees are filing their Income Tax Returns under ITR-7 u/s. 139(4C)(ca) and claims the income as Exempted Income u/s. 10(23AAA).
Based on the above, would you please be kind enough to guide me on which ITR (ITR-5 or ITR-7) will be applicable for the above fund?
Thanks & regards,
Mahesh Khandelwal
I am working in an organisation where the Company maintains an Income tax recognised Trust Fund for payment of Gratuity to its employees duly registered under Rule 2(1) of Part C of the Fourth Schedule to the Income Tax Act, 1961.
The Trust generates interest income by investing in Fixed Deposits and NAV-based revenue by investing its corpus with private insurance companies. The accounts are audited by Auditors and Trustees are filing their Income Tax Returns under ITR-7 u/s. 139(4C)(ca) and claims the income as Exempted Income u/s. 10(23AAA).
Based on the above, would you please be kind enough to guide me on which ITR (ITR-5 or ITR-7) will be applicable for the above fund?
Thanks & regards,
Mahesh Khandelwal