13 April 2015
A CHARIBLE ORGANISATION WHICH IS NOT REGISTERED FOR 12A FOR A.Y2013-14 WE HAVE FILED I.T RETURN AS ITR-7. NOW I.T.DEP HAS RAISED DEMAND OF 40% ON GROSS RECEIPTS. NOW PLZ ADVISE WEATHER IHAVE TO FILE RECTIFICATION OR REVISED RETURN AS ITR-5.
13 April 2015
well. you will have to rectify the return. but income-tax cannot make demand on gross receipts. Where the charitable status is not available, only net profit is to be taxed.
08 March 2016
Smilar is in my case, Department has taxed @ 30% on gross receipts, however in actual P&L there is a loss (Expenses are more than gross receipts) Not even basic exemption given. Trust is not having 12A ciertificate. Kindly guide URGENTLY.
09 March 2016
Smilar is in my case, Department has taxed @ 30% on gross receipts, however in actual P&L there is a loss (Expenses are more than gross receipts) Not even basic exemption given. Trust is not having 12A ciertificate. Kindly guide URGENTLY.
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