Is 3CB-3CD applicable for trusts having turnover above 1 crore and having 12A registration.

Dear Sir/Madam,

Religious trust is registered under section 12 with the income tax department. The details are as under:

Voluntary Donation Received Rs 5,00,000
Bank Interest FD and SB interest Rs 7,25,000
Total Rs 12,25,000

Application of Fund:
1. Rs 1,83,750 - 15% (Rs 12,25,000 lakhs X15%)
2. Rs 3,50,000 for trust object
Balance Rs 6,91,250

Now the trust is filling the return and the system is charging Tat u/s 115BBI at 30% tax on total Surplus income ie 6,91,250/-.

Generally, The trust does not file Form 9A or Form 10 for any reason and always offers the surplus income arising during the PY for tax. Thus as per my understanding, the definition of Specified Income should not be applicable in our case.

Till the last AY, the Trust used to pay tax as per the slab rates.

My question is whether such surplus income shall be taxed normal tax slab or at 30% u/s 115BBI.

Please suggest

Thanks

What's the due date for filing of ITR for a company to which Transfer pricing is applicable

An indian citizen joined employment in netherland. He is already having pan card. He wants to open NRO account in bank. This old pan card itself enough to open pan card. Current year he is Non-resident as per income tax act

Sir,
There was income tax refund awaited due to my previous income tax outstanding ,I have submitted response issued u/s 245 for adjusting my due to refund amount
After adjustment some refund is receivable but not received yet

Is there any issue??please help

I am getting run time error 9 in itr5 excel utility. Please provide solutions for the same.

PRIVATE LIMITED COMPANY INCORPORATED IN THE YEAR 2022, DURING FY 2022-2023 THERE WAS ONLY DEVELOPMENT WORK, WHETHER IT NEED TO FILE INCOME TAX RETURN ? IF YES THAN PROFIT AND LOSS SHALL BE NILL AND WHETHER IT IS COMPULSORY PREPARE BALANCE IN COMPLIANCE TO THE INCIAN ACCOUNTING STANDARDS SPECIFIED IN ANNEXURE TO THE COMPANIES RULES 2015 ?

Mistakenly stated the personal expenditure in Form 3CD as Rs. 35000. However, correct amount disallowed in income tax return which is Rs. 37000. There is no excess gain due to this and difference is only Rs. 2000.
Will there be any consequences while filing the tax return? Will Dept. take any action due to this?

Dear Sir/Madam,

Ours is a Bachpan PLay school - it is a franchise School, here Nursery, LKG and UKG classes are taken.

We want to file ITR for F.Y.2022-2023, it has gross receipts of 71 lakhs.
Can we file ITR 7 by claiming Exemption U/S 10(23C)(iiiad) of income tax Act.

We have not taken any 12A registration and other registrations .

And Pls let me know do we hv to file Form 10BB for the above case.

Please any body guide me on this.

Thanks in advance

Sir/Madam

Please clarify whether IT is to be deducted from gratuity paid to an employee who has resigned from the services of the company after serving for 11 continuous years.