Consequences of non filing of form 10b
This query is : Resolved
TARUN KUMAR
(Querist)
29 August 2019
The trust is registered u/s 12A of the I. T. Act, 1961. Gross receipt is 11,60,000/- and income over expenditure is only Rs 1,20,000/- . Form 10B was not filed with return of income for the A. Y 2016-17. my question is that if delay filing of 10B form not condoned then tax will be computed on which amount i.e Gross receipt or on income over the expenditure. presently the CPC processed return and calculated tax on gross receipt but I think it is not justified.
CA R SEETHARAMAN
(Expert)
30 August 2019
Gross receipt is taxable( expenses incurred in earning the income is only allowed).
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