We provide Society Taxation Services in Patna Bihar Ranchi Jharkhand. Income Tax return filing, GST return filing, we provide complete taxation services at one place to Societies. As per income tax act societies are treated as association of persons. Society is type of NGO (Non government organization) which is not for profit organization. Societies run for social welfare and accept donation from third party. Any types of societies have to file their income tax return annually as per the provision of the income tax act, 1961. We will give you all important information about society tax consultancy services in this article in brief.
Society Tax Consultancy
Society tax consultancy
Society means, an association of person which is registered under the rules and regulation of the Societies act 1860. Society is doing all works for benefit or welfare of the society. Following are the main object of the society education, religious, economical, charitable purpose, scientific research etc. Main source of income of the societies is donation and grants which is provides by the governments, foreigners, individuals, other companies. Societies have to fill their income tax return every year. AS per Income tax act, 1961 all types of societies have to file their income tax return as per audit report in case of audit of society is compulsory. Society’s incomes are calculated on the basis of his donation and uses of its donation. Income of society is exempted from income tax after getting registration under section 12A of income tax act. Incomes of societies are taxable before the 12A registration. ITR 7 form can be filled with the income tax department by the society. Income tax return filled by any is through online.
Income tax form filed by society- ITR 7 filed by society.
Due date of filing of income tax return: 30th September in case of audit and due date for whose accounts is not required to be audited 31st July.
Income tax slab rate for societies:
Income up to Rs. 10000 10%
Income up to Rs 10,000 to 20,000 20%
Income over Rs. 20,000 30%
Income tax will be increased by a surcharge at the rate of 10% if total income of society is between 10Lakhs and 1Crore. Above income increase 1Crores surcharge will be 15% applicable. Education cess is also applicable on the income tax amount at the rate of 3%.
Document required for Society income tax return Filing
- Pan card of society.
- Pan card and details of authorized person.
- Balance sheet Profit and loss and account of society.
- Audit report of society.
- Bank statement of society.
- Any other details if needed.
Procedure of Income tax return filing of Society
- Preparation of documents.
- Online filing of ITR 7 form with required documents.
- Sign ITR forms by Authorized person.
- Send it to income tax department or e verified through Digital signature.
Advantage of Income Tax filing of society
- Comply with income tax act or all other act applicable.
- Increase in brand value of the society.
- Mandatory for other registration like FCRA registration, 12A & 80g registration.
- Save from penalty.
- Provides loans easily.
- Provides government tender easily.
Disadvantage of income tax return filing of society
- Late filing can be delay in refund.
- Increase interest if tax not paid.
- Revise return after filing is not easy.
The income tax of societies must be filled by society. Society is required to file income tax return. ITR 5 can be filled by the society. Income tax return filing is mandatory for all societies. Income tax return filing of society is fully based on online basis. If accounts audited by auditor than income tax return should be signed by digital signature. We will give you income tax return filing services in Patna. We will do you work, no need to visit our place. You can pay our fee online. Send us all documents through emails. We are providing income tax consultancy services.