10B excess Application

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This discussion addresses an excess application on Form 10B resulting in negative taxable income. It clarifies that for charitable organisations, the net result should always be zero. The advice suggests not reporting the negative taxable income as an excess application in clause 31, but rather in clause 37, implying a need to trace the source of the excess from past accumulations.

Faisal Mohammad

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

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

Faisal Mohammad

Faisal Mohammad (Querist)
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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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