Exemption u/s 10(23c)(iiiad)
This query is : Resolved
08 April 2016
The trust has formed for the purpose of education and their total receipts for the period ended 31.03.2015 was Rs.1700000/-. They didn't apply 12A registration. hence i have filed the return applying 10(23C) which is stated that the education institution existing solely for educational purposes and not for the purpose of the profit if the aggregate annual receipts of such educational institution does not exceed Rs.1 Crore.
Subsequently the trust return has been processed by CPC and treated as defective return. The reason stated in the notice was "audit is compulsory".
In this regard kindly clarify the following points
1. No audit report format prescribed for claiming exemption U/S 10(23c)(iiiad). How can i file the audit report.
2. Is it compulsory to get the registration U/S 11
Subsequently the trust return has been processed by CPC and treated as defective return. The reason stated in the notice was "audit is compulsory".
In this regard kindly clarify the following points
1. No audit report format prescribed for claiming exemption U/S 10(23c)(iiiad). How can i file the audit report.
2. Is it compulsory to get the registration U/S 11
CA R SEETHARAMAN
(Expert)
08 April 2016
1 No audit report need to be filed. No return need to be filed.
2 Not compulsory to register u/s 11.
2 Not compulsory to register u/s 11.
Message likes :
1 times
Amol S Joglekar
(Expert)
08 April 2016
A practical note : It seems that CPC has some deficiency in its software so far as TRUSTs are concerned. Its software seems to have only one category. It simply derecognises, private trust, beneficiary share known or unknown......12A registered or not.... I think we need to do some thing collectively at the ICAI level.
Your views please.
Your views please.
Message likes :
1 times
CA R SEETHARAMAN
(Expert)
11 June 2016
Yes we should take up the issue with ICAI.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- RCM and same line
- TDS Return Statement Status
- Import of Capital Machine
- Rectification under processing even after 6 months cpc portal
- Movement of goods by packers and movers - type of sale - Reg.
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
