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Ram

Category : Income t..,

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February 28, 2016 2:10 pm

Maine ek client ka ITR fill up kiya uski address Bilaspur CG Dali hai .lekin uska pan juridictional me chk kiya to Raipur IT area code me aata hai koi problem hogi kya??

Amlan Dutta

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No , there should be no problem ...however note that whatever address you put , the client return (ITR 1/2/3/4 etc as the case may be ) shall be assessed by Raipur ward assessing officer.

February 28, 2016

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Sanchit Chopra

Category : Income t..,

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February 28, 2016 11:48 am

Hello Amlan Ji
There is a charitable educational institution being operated by one of my aunt. However she's been in the hands of a wrong tax professional since she has received a notice twice relating to the return filed by her for the AY 2014-15. Twice she has received a notice to rectify the defective return. She approached me as she knew I am pursuing CA Final and may have some knowledge regarding the same but I am too confused about how the same should be resolved. The issue is that the institution has a gross receipt of about 6,81,000. and expenses make out to near about 500000. However the tax professional has treated the gross receipt as other sources income and not claimed any expenses and claimed the entire receipts as an exemption U/S. 10(23c) besides the fact that the institution is not registered under Section 12AA. What should be the correct treatment according to you as what I think is that besides the circular noticed on 17th august 2015 still its necessary for us to prove that we can claim exemption U/S. 10(23C) and the most simple way to file such a return should be to show the receipts and claim expenses and it becomes a non taxable return. How should this be rectified now and the defective return thing should be removed. Can i file a rectification with the same treatment of deducting expenses from my gross receipts or I am wrong in this treatment.
The two questions asked by the department are:-
1. The income of Assessee exceeds 2 lacks and Audit fiag is NO.

AS PER SECTION 12A(1)(B), IF THE TOTAL INCOME OF THE TRUST/INSTITUTION BEFORE CLAIM OF EXEMPTION U/S 11 OR 12, EXCEEDS THE MAXIMUM AMOUNT NOT CHARGEABLE TO TAX, ACCOUNT OF SUCH TRUST OR INSTITUTION ARE TO BE COMPULSORY AUDITED. HENCE, PLEASE ENSURE THE SAME AND FILE THE CORRECTED RETURN INCORPORATING THE DETAILS OF SUCH AUDIT, FAILING WHICH THE RETURN FILED IN ITR 7 WILL BE TREATED AS INVALID.

2. Assessee has furnished a return under section 139 (4A) or 139 (4C) and has not provided any details in Schedule K.

In ITR 7, Schedule K has to be filled in giving the particulars regarding the Author(s) / Founder(s) / Trustee(s) / Manager(s), etc., of the Trust or Institution

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Amlan Dutta

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I will reply to this question in the coming weekend after going through the relevant chapter

February 28, 2016

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Ram

Category : Income t..,

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February 28, 2016 10:11 am

hello amlan sir good morning ..............................My qu is Income Tax Me 5000 Rs Ki penalty Kab aur kyo lagti hai ?Plz give ans. ...

Amlan Dutta

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When one files return after due date , the assessing officer can under section 271 F levy a penalty of 5000 Rs on the assesse for filing late return. This is totally at the discretion of the assessing officer. For returns filed on or before due date , such penalties cannot be levied.

February 28, 2016

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Abhishek sharma

Category : Filing I..,

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February 28, 2016 9:52 am

hi sir, kya new pancard par AY-2014-15 or Ay-2015-16 ka return file ho sakta h. jo abhi feb-2016 main bana h

Amlan Dutta

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You cannot take tax credit because note that the tds that is deducted is always against a certain PAN ...when Pan itself is created now , it is quite evident that no deductor could have deducted and deposited TDS against any PAN earlier ...so, at the maximum , you can surely show income for earlier ...

February 28, 2016

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