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10B excess Application

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(Querist)
02 October 2024 I am getting an excess application in the form of negative taxable income in form 10b. Any consequences?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
04 October 2024 you need to provide the source of the excess application (from past accumulation etc). The net result should always be zero in case of charitable organizations.
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Faisal Mohammad

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Faisal Mohammad (Querist)
04 October 2024 Ok. I guess I shouldn't report the excess application in clause 31 to the extend of negative taxable income and report it in 37.
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