Incometax efiling-in ITR 7, corpus fund is entered under -voluntary contribution -i) contribution-corpus fund
then in ii) voluntary contribution-non corpus fund.; we have been believing that CORPUS FUND donation are not added as income for tax purpose. But in the new system, it is added to income-iii) it is deceivingly suggested to enter -corpus fund under ER expenditure disallowed expense , so that we believe that it is deducted from taxable expense; But while displaying taxable income corpus fund donation is NOT added to Revenue expense .
members are requested to enlighten me on this subject. Thanks
CAclubindia
