Can Exemption be available if the Return is Belated.
This query is : Resolved
Jashpreet kour
(Querist)
09 September 2020
A Trust having its Total Receipts less than Rs.1Crore filed its Return u/s.139(4) of the Act and claim exemption u/s. 10(23C)(iiiad) of the Income-tax Act,1961. Though it was belated Return can Exemption will be available or denied. Kindly Clarify.
CA KARAN SINGH
(Expert)
09 September 2020
Yes, Exemption can be claimed. But if you are claiming an exemption for university or education institution under Sec 10(23)(vi), then the exemption will not be available, if the return is filed belatedly
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