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

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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

AI Summary

Accountant Seeks Guidance on Filing IT Return for Employee Gratuity Trust Under Section 10(25) Exemption An accountant for an Employee Gratuity Trust, approved by the Commissioner of Income Tax (CIT) and eligible for exemption under Section 10(25), seeks guidance on filing the IT Return. The accountant queries about reporting an audit conducted in a regular format instead of Form 10B and how to claim the income as exempt under Section 10(25) in ITR-7, as there is no direct option. A respondent advises filing ITR-5 instead, as it is a Private Trust, to claim the exemption under Section 10(25)(iv) of the Income Tax Act.