A 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.
3 Replies
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
Recent Topics
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
- Clarification on RCM on Rent Payment for QRMP Deal
- Reclaimed itc in gstr9
- Gamification in Accounting Software: Boosting Enga
- I want to knw Hsn code and gst rate of resin produ
- Schedule FA clarification
- Income tax on freelance income from crypto
- ITC temporary reversal and reclaim
- Query on Transactions
Related Threads
CAclubindia
