Itr 7

This query is : Resolved

gauri agrawal (Querist)
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18 July 2019 Sir kindly guide me how to show this situation in schedule ER of ITR 7.
Revenue expenditure 110000
Gross receipt 109000
That is a loss of rs 1000 is shown in income and expenditure account.
Now in schedule ER under charitable activities we will show 110000 but at point e of schedule ER what amount has to be shown. Please help.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 July 2019 If you have surplus income accumulated of earlier years. Show 1000 under, Income of earlier years upto 15% accumulated or set apart

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 July 2019 Rs. 1,000/- has to be filled in Clause E in serial no. 3 or 4 or 5 as the case may be.

gauri agrawal

gauri agrawal (Querist)
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19 July 2019 Thanks sir. One thing more i need to ask. That 1000 pertains to income set apart upto 15% only. If i will show this 1000 in serial no 3 will it become taxable?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 July 2019 Absolutely No, provided that is the fact.

gauri agrawal

gauri agrawal (Querist)
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20 July 2019 Thanks sir for clearing my doubt. Yes sir it only relates to income set apart upto 15%.