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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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When I attach a JSON file while filing ITR U, personal information error shows on the screen. I have prefilled personal information data from IT portal how to correct it ?
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Dear Amlan
Hope you are well and good.
I filled a return for refund on 30th July 2022 and submit it without E-verification. I noticed a few corrections and filled the revised return on 3 Aug 2022 and e verify it on 4th august. But I get a demand notice because they added 5000 u/s 234F. i don't know w...
Hope you are well and good.
I filled a return for refund on 30th July 2022 and submit it without E-verification. I noticed a few corrections and filled the revised return on 3 Aug 2022 and e verify it on 4th august. But I get a demand notice because they added 5000 u/s 234F. i don't know w...
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Hi Amlan Sir
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Thanks for all your videos in helping and educating us, I have a query in filling the Long term capital gains on debt funds.
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But there is only option for accepting the refund in pending action ( worklist option)
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the refund.he got a message respond for refund cofimation.And
he want to revise the return as he did some mistake in original itr.
But there is only option for accepting the refund in pending action ( worklist option)
He tri...
Dear Amlan Sir,
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Hello Amlan Sir
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Thanks for posting insightful videos on you tube. esp reg EPF withdrawal .
Sir I have few further queries,
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Dear Amlan
I received Arrears but in my return of AY 2019 20 i didnt report it.
nor was form 10e form filled.
Revision is not possible but Can i file rectification under(Return Data Correction) Sub category : Others (And what reason should i give)
Thanks in Advance
I received Arrears but in my return of AY 2019 20 i didnt report it.
nor was form 10e form filled.
Revision is not possible but Can i file rectification under(Return Data Correction) Sub category : Others (And what reason should i give)
Thanks in Advance