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VAINY

Category : Income t..,

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May 24, 2016 1:30 pm

Hello sir... On login my A/c on incometaxefiling website , in Pending Action it is asking wheather you have filed Itr for AY-2011-12, 2012-13 &2013-14, which I have not filed and also some Tax is Due after TDS deduction. Can I Pay Balance Tax & Interest by filling challan 280 online & then Submit I...

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Amlan Dutta

For any year, return filing can be done at the latest only 1 year from the end of the assessment year or completion of assessment whichever is earlier.

May 24, 2016

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VAINY

Sir can we never file such belated returns whose Time is Exipired as per sec 139(4) though some tax is due?

May 24, 2016

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shailesh thakur

Category : Income t..,

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March 29, 2016 7:11 pm

Hi sir please help me
I have ancentral property one is on my grandfather name and another one is on my father's name.
Government aquired that agiculture land compasary in 1989 and 1992 respectively My father file case against government under law of Land Acquisition Act, 1894 .my grandfather and f...

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Amlan Dutta

i will answer this shortly.

March 30, 2016

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shailesh thakur

please answer

April 27, 2016

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Chetan Mahajan

Category : Income t..,

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February 29, 2016 1:47 pm

What are embedded derivatives?
What are non derivative instruments?
Though cash is a financial asset as per Ind as 109.Is cash a financial instrument?
what actually financial instruments mean?
All mess up, Please answer to it in simplified way,Hindi me jaldi samaj aata hai.
Or share a video explaining de...

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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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Amlan Dutta

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

February 28, 2016

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