Defective return

This query is : Resolved

CA Sharada.V.K (Querist)
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26 December 2015 we have filed the IT return for trust ITR 7.we got a notices saying corpus fund and non corpus fund is blank.actually there is no corpus and non corpus fund.we have mentioned 0 and filed a response to that.again notice came for the same defect.what do we do now.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 December 2015 Seems some elementary mistakes has happened either in the formation or in the accounts. How can a trust formed with out corpus fund. How the surplus in every year becomes zero so that the balance in non corpus fund also becomes zero.

CA Sharada.V.K

CA Sharada.V.K (Querist)
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26 December 2015 should we invest corpus fund and non corpus in modes specified under section 11(5).it is not a trust its a local authority,it has 12A and 80G registration.

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CA Sharada.V.K

CA Sharada.V.K (Querist)
Follow

26 December 2015 should we invest corpus fund and non corpus in modes specified under section 11(5).it is not a trust its a local authority,it has 12A and 80G registration.