Educational institution with negative income
This query is : Resolved
19 April 2019
Which return form is to be submitted (i.e, ITR 5 or ITR 7) in case of negative balance arrived by the Charitable Trust/ Charitable Society/ Educational Institution. Actually we filed ITR 7 for the Educational Institution and didn't the claim exemption u/s 10(23 iiiad) because of negative balance. But CPC defected the return since the Educational Institution has not claimed the exemption. In that case, how to deal with the situation?
19 April 2019
you can submit online response for the same.
20 April 2019
did you receive the communication from CPC stating that the return is defective?
20 April 2019
yes we received the communication from cpc stating that the return is defective
20 April 2019
To this letter you can give the reply stating the facts as to why the exemption has not been claimed. (The reason is that the income is negative so the question of claiming exemption does not arise and hence the return of income should not be regarded as defective)
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