Exemption U/s. 10(25) in ITR-7, Income Tax

[Nagaraj Naik]

Dear Sir / Madam,

I am an accountant of an Employee Gratuity Trust approved by CIT, eligible for Exemption U/s. 10(25). I have following questions with regard to filing of IT Return-

1. We have obtained Audit Report in regular format (not Form 10 B) as a condition for continuance of approval by CIT. How should we mention the same in ITR-7 ? Audit under which section?

2. Income of the trust fund is exempt under Sec 10(25). There is no option for 10(25) in ITR-7 . How can we claim the income as exempt.

thanking you,

Nagaraj

Posts / Replies

[Mohit Himmatsinghka]

Dear Nagaraj

No. You have to file ITR - 5 Since it is a Private Trust and you will be eligible to get Exemption under section 10(25) (iv) of Income Tax Act.