Doubts in ITR-7
This query is : Resolved
Chandra Kala
(Querist)
21 October 2023
1. In Computation statement of Educational Institutions while filing in ITR-7 the computation is to be shown as per actual receipts or by including receipts receivable and expenses payable
2.Whether loans received during the year can be taken as a receipt which are used for payment of expenses
2.Whether loans received during the year can be taken as a receipt which are used for payment of expenses
CA R SEETHARAMAN
(Expert)
21 October 2023
1 Computation is to be shown as per actual receipts and expenses.
2 yes take it as receipt and treat loan repayment as application.
2 yes take it as receipt and treat loan repayment as application.
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