Question ID :
29587
Unregistered Society
Query
A Trust Society is Registered under Trust Society Act, respectively. There Receipts are Rs.4 Lac and Expenses are Rs.3.50 Lacs, i.e. Net Profit of Rs.50000-. The Return of Income was filed in ITR 7, showing Income Under ‘Income from Other Sources” as Net Income of Rs.50000- (400000-350000).
But CPC has not given Basic exemption of Rs.250000-, rather it has taxed on the whole amount of Total Receipts of Rs.400000- @ 30.
Queries
1. If the Trust Society is Registered under its Act but not having Registration us12A of the Act, its Income should be shown under which Head of Income and How?
2. In the above situation Audit Report in Form 10B is applicable or not ?
posted by
AJAY JAIN
on
Apr 20 2018 12:00AM