Can an educational institution file ITR-7 under section 139(4A) in one financial year and under 139(4C) in another financial year, if total gross receipt falls below 1 crore.
In short can an educational trust is eligible to take benefit of section 10(23C)(iiiad) in one financial year if its aggregate receipt falls below 1 crore as compared to previous financial year in which aggregate receipt was greater than 1 crore.
Example in FY 2018-19, gross receipt was 1.5 crore and ITR was file under section 139(4A) taking benefit of section 11 and 12. If gross receipt falls to 0.90 crore in FY 2019-20, can the same educational trust file ITR under section 139(4C) and takes benefit of section 10(23C)(iiiad)???
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