Filling of itr 7
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 June 2012
An educational institution eligible for exemption u/s 10(23C)(iiiad) as the Aggregate Receipts are Say 40 Lakhs and it has spend say 38 lakhs solely for educational purpose thereby having an Exess of Income over Expenditure of 2 lakhs.
Is the Excess of 2 lakhs is "Business Income" or "Income From other Sources".Can you suggest me how the same is reflected in ITR 7.
Is the Excess of 2 lakhs is "Business Income" or "Income From other Sources".Can you suggest me how the same is reflected in ITR 7.
13 June 2012
It is income from business.
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