Itr 7


(Querist)
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 (Expert)


Click to Talk 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

B.Chackrapani Warrier (Expert)
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 (Querist)
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?

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

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


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