ananthapadmanaban (CA Practice ) (39 Points)
10 August 2018A charitabe institution registered u.s.12A. while filling ITR-7, "interest from bank FD" there are two schedules- AI and OS.to fill interest from bank FD.If I fill in Sch.OS, it is taken as fully taxable income at 30 % , but if I fill in sch.AI it is eligible for deduction under application of income. Why there is duplicate place for an income and which sch.is correct .kindly enlighten me.
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 10 August 2018
AI schedule is just displaying a consolidated total income
You have to input data in OS and other applicable schedules and then a summary to be put in AI schedule
ananthapadmanaban
(CA Practice )
(39 Points)
Replied 10 August 2018
Thanks for the reply, but if I fill sch.OS the amount is treated as taxable at max.rate of 30 % without considering application of income .
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 10 August 2018
Yes, its written on top income to be taxed at normal rate
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