ITR Form for AOP
This query is : Resolved
03 March 2020
A School Allot PAN under AOP. please provide me correct ITR Form 7 or 5. can file ITR 7 is valid. Also provide me late filling ITR-5/7 Tax rate
03 March 2020
Gross receipts not exceed 1 crore and it's an educational institution not for profit file ITR 7. In other cases file ITR 5 slab rate of tax applicable.
03 March 2020
File ITR 7, If registered u/s 12A, You need to quote registration no. of 12A etc with date in ITR 7.
05 March 2020
can assessee claim exemption u/s 12AA or 10(23C) under Belated Income tax return.
05 March 2020
Yes, Deductions u/s 10(23C) is not time bound.
05 March 2020
But Sir, Assessee not grant approval from dept. under sec. 10(23C). BUT he got approval under 12AA. can he claim 10(23C) on behalf on 12AA
05 March 2020
if gross receipts are not more than 1 crore then no need of approval, section 10(23C) is automaticaly granted subject to other conditions mentioned by CA Seetharaman Sir already.
Message likes :
1 times
06 November 2020
Sir,
My First question is
Govt. Educational school received approval under 12AA & 80G
But not apply and received approval from dept. under sec. 10(23C).
can such school claim 10(23C) on behalf on 12AA.
Total received less than 1 crores.
Secound Question is,
can we file ITR u/s 139 (4C) instead of 139(4A) without approval from dept. under sec. 10(23C).
My First question is
Govt. Educational school received approval under 12AA & 80G
But not apply and received approval from dept. under sec. 10(23C).
can such school claim 10(23C) on behalf on 12AA.
Total received less than 1 crores.
Secound Question is,
can we file ITR u/s 139 (4C) instead of 139(4A) without approval from dept. under sec. 10(23C).
02 August 2024
Let's address your questions one by one:
### 1. Claiming Exemption Under Section 10(23C)
- **Approval Under Section 12AA & 80G:**
- If a government educational school has received approval under Section 12AA and Section 80G, it indicates that the school is recognized as a charitable institution and can avail of tax benefits related to donations.
- Section 10(23C) provides exemptions for specific categories of educational institutions. If the institution meets the criteria for exemption under Section 10(23C) and has not yet received such approval, it cannot automatically claim this exemption solely based on its 12AA approval.
- **Total Receipts Less Than 1 Crore:**
- Since the total receipts are less than ₹1 crore, the institution may be eligible for exemption under Section 10(23C)(iiiad). However, without formal approval under Section 10(23C), it cannot claim this exemption. The institution needs to apply for and receive approval under Section 10(23C) to claim this specific exemption.
### 2. Filing ITR Under Sections 139(4A) vs. 139(4C)
- **Section 139(4A) vs. Section 139(4C):**
- **Section 139(4A)**: This section is for charitable or religious trusts that have received approval under Section 12AA (and are also eligible under Section 80G). These trusts need to file their return of income under this section, showing their income and claiming exemptions as per the provisions of Section 12AA and 80G.
- **Section 139(4C)**: This section applies to various categories of entities, including those under Section 10(23C). It is used when an institution is claiming benefits under specific exemptions covered under Section 10(23C).
- **Without Approval Under Section 10(23C):**
- If the institution has not received approval under Section 10(23C) but is registered under Section 12AA, it should file the ITR under **Section 139(4A)**, as this section applies to entities that have approval under Section 12AA.
- Filing under **Section 139(4C)** without approval under Section 10(23C) would not be appropriate because the institution would be claiming an exemption that it does not formally have.
### Summary
1. **For claiming exemption under Section 10(23C)**: The school needs to apply for and receive approval under Section 10(23C) to claim exemptions specifically under that section. Approval under Section 12AA and Section 80G does not automatically cover exemptions under Section 10(23C).
2. **Filing ITR**: The school should file its return under Section 139(4A) if it is approved under Section 12AA and not under Section 10(23C). Section 139(4C) should only be used if the institution has approval under Section 10(23C).
It is essential to follow the appropriate procedures and seek the necessary approvals to ensure compliance and proper tax treatment. If needed, consulting with a tax professional for detailed advice tailored to your specific situation would be beneficial.
### 1. Claiming Exemption Under Section 10(23C)
- **Approval Under Section 12AA & 80G:**
- If a government educational school has received approval under Section 12AA and Section 80G, it indicates that the school is recognized as a charitable institution and can avail of tax benefits related to donations.
- Section 10(23C) provides exemptions for specific categories of educational institutions. If the institution meets the criteria for exemption under Section 10(23C) and has not yet received such approval, it cannot automatically claim this exemption solely based on its 12AA approval.
- **Total Receipts Less Than 1 Crore:**
- Since the total receipts are less than ₹1 crore, the institution may be eligible for exemption under Section 10(23C)(iiiad). However, without formal approval under Section 10(23C), it cannot claim this exemption. The institution needs to apply for and receive approval under Section 10(23C) to claim this specific exemption.
### 2. Filing ITR Under Sections 139(4A) vs. 139(4C)
- **Section 139(4A) vs. Section 139(4C):**
- **Section 139(4A)**: This section is for charitable or religious trusts that have received approval under Section 12AA (and are also eligible under Section 80G). These trusts need to file their return of income under this section, showing their income and claiming exemptions as per the provisions of Section 12AA and 80G.
- **Section 139(4C)**: This section applies to various categories of entities, including those under Section 10(23C). It is used when an institution is claiming benefits under specific exemptions covered under Section 10(23C).
- **Without Approval Under Section 10(23C):**
- If the institution has not received approval under Section 10(23C) but is registered under Section 12AA, it should file the ITR under **Section 139(4A)**, as this section applies to entities that have approval under Section 12AA.
- Filing under **Section 139(4C)** without approval under Section 10(23C) would not be appropriate because the institution would be claiming an exemption that it does not formally have.
### Summary
1. **For claiming exemption under Section 10(23C)**: The school needs to apply for and receive approval under Section 10(23C) to claim exemptions specifically under that section. Approval under Section 12AA and Section 80G does not automatically cover exemptions under Section 10(23C).
2. **Filing ITR**: The school should file its return under Section 139(4A) if it is approved under Section 12AA and not under Section 10(23C). Section 139(4C) should only be used if the institution has approval under Section 10(23C).
It is essential to follow the appropriate procedures and seek the necessary approvals to ensure compliance and proper tax treatment. If needed, consulting with a tax professional for detailed advice tailored to your specific situation would be beneficial.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
