ITR 5 for Society

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..... ITR 5 for Society
Query (Issue) Started By: - Jewel Fanai Dated:- 30-10-2020 Income Tax
Income Tax
The society is engaged as hand holding agency by the State Organic Mission whose main missi .....

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..... on is to develop certified organic products and to link farmers with consumers. The society is in receipt of earmarked funds and disburse/incur the funds accordingly with some balance remaining at the .....

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..... end of FY but does not produce profit/surplus nor loss/deficit as it does not produce any revenue apart from earmarked funds received. Funds are transferred to Income & Expenditures a/c from Earmarke .....

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..... d funds equal to the expenditures incurred as per the schemes and balance lying as fund balance in the balance sheet. While filing ITR 5 should the society fill up all the details of Balance Sheet and .....

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..... Profit & Loss or should the section 'No Account Case' suffice? Also, should the depreciation sheet be filled up for the assets procured under the funds as this has the effect of giving loss. .....

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..... Kindly Advice, thanking you in advance
Discussion Forum - Knowledge Sharing .....

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