09 January 2020
While checking the validity of schedule Part A -General (2) in excel utility down loaded from e-filing site, I am getting an error that " For persons referred to in sec 160 (1) iii or iv, [partF] (1),(2) are mandatory to fill. Please select an option from drop down" Trust does not have any persons referred in that section; and in part F of the sheet the relevant cells are not green, indicating they are not editable and hence selection from drop down is not accepted. Please advise how to resolve this problem. Without resolution to this, 'calculate tax ' and generation of xml file is not possible. In itr5 excel utility there is also no "set off" button to set off losses in one head against the other, hence how the set off will be computed?
29 May 2020
Section 160 in The Income- Tax Act, 1995 160. Representative assessee (1) For the purposes of this Act, Representative assessee" means- (i) in respect of the income of a nonresident specified in 1 ] subsection (1) of section 9, the agent of the non- resident, including a person who is treated as an agent under section 163; (ii) in respect of the income of a minor, lunatic or idiot, the guardian or manager who is entitled to receive or is in receipt of such income on behalf of such minor, lunatic or idiot; 1. The words" clause (i) of" omitted by the Finance Act, 1976, w. e. f. 1- 6- 1976. (iii) in respect of income which the Court of Wards, the Administrator General, the Official Trustee or any receiver or manager (including any person whatever his designation, who in fact manages property on behalf of another) appointed by or under any order of a court,, receives or is entitled to receive, on behalf or for the benefit of any person, such Court of Wards, Administrator General, Official Trustee, receiver or manager; (iv) in respect of income which a trustee appointed under a trust declared by a duly executed instrument in writing whether testamentary or otherwise[ including any wakf deed which is valid under the Mussalman Wakf Validating Act, 1913 (6 of 1913 ),] receives or is entitled to receive on behalf or for the benefit of any person, such trustee or trustees; (v) 1 in respect of income which a trustee appointed under an oral trust receives or is entitled to receive on behalf or for the benefit of any person, such trustee or trustees. Explanation 1-A trust which is not declared by a duly executed instrument in writing[ including any wakf deed which is valid under the Mussalman Wakf Validating Act, 1913 (6 of 1913 ),] shall be deemed, for the purposes of clause (iv), to be a trust declared by a duly executed, instrument in writing if a statement in writing, signed by the trustee or trustees, setting out the purpose or purposes of the trust, particulars as to the trustee or trustees, the beneficiary or beneficiaries and the trust property, is forwarded to the 2 Assessing] Officer,- (i) where the trust has been declared before the, 1st day of June, 1981 , within a period of three months from that day; and (ii) in any other case, within three months from the date of declaration of the trust. Explanation 2.- For the purposes of clause (v)," oral trust" means a trust which is not declared by a duly executed instrument in writing [ including any wakf deed which is valid under the Mussalman Wakf Validating Act, 1913 (6 of 1913 ),] and which is not deemed under Explanation 1 to be a trust declared by a duly executed instrument in writing.]
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