ITR-7 for AY 2021-2022

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nrtaxguru (Querist)
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06 December 2022 Dear Experts,
I filed ITR-7 for the assessment year 2021-2022 (Fy 2020-21) and while receiving 143(1) intimation from the CPC my claim for exemption is disallowed and there was a demand because of the failure to mention the application date for 12AB renewal. After this intimation, we filed rectification request U/s 154 by incorporating the Application date and uploaded the required file through winman software Even after filing 154 rectification the same demand is raised by OPC with the same error description.
Experts give your opinion. How to cancel the demand and proceed further.

N.Rajendiran,
nrtaxguru@gmail.com
9362622183

Darshak Shah

Darshak Shah (Expert)
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20 December 2022 - All the old forms for trust registration have been renewed to Form 10AC.

- If for the particular trust 10AC is applicable then it should file ITR-7, else ITR-5 should be filed.

- This renewal if done within due date will be accepted under ITR-7. However, even then exemption is withdrawn then there are 2 options:
1. File rectification return u/s 154 with AO and not CPC, and in case of rejection by AO, file appeal with CIT(A) as there are many case laws which state that CIT(A) has power to direct AO to allow rectifiction/revision of return
2. Appeal to dcit u/s 246 for revision of 143(1) order

- However, if the renewal is not done within due date then the exemption withdrawn is valid

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