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Question ID : 40436

Sec 12A Registered Society not filed ITR with in due time

A Society is Registered in Sec 12AA. The Society is running a School. Its current year Receipts are Rs 2 cr and Application of Income ( Expenses ) are Rs.2.50 cr. Due to some unavoidable circumstances, it not able to file its ITR within due date. What will be Tax implications ? Whether it will be Taxed on Rs.2 cr Receipts or at Nil, since its in loss of Rs.0.50 cr. Whereas its not taking benefit of Sec 11 due to loss.

Posted by AJAY JAIN on Oct 18, 2019


Answer ID : 80211

If total income of the trust is exceeding maximum amount not chargeable to tax before effect to section 11 and 12 then the trust is required to file the return in due date, if trust did not file the return in time then the late fee for filing ITR would be levied on trust, so file return now with penalty for Ay 19-20.

Posted by GANESH KESHAO NIKAM on Oct 19, 2019