Itr-7 gratuity trust

This query is : Resolved

Dinesh Singh (Querist)
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18 March 2019 I have filed ITR- 7 of the Registered Gratuity Trust and there is some Arithmetical error in the return has been given by the income tax department u/s 143(1)(a)(i) which needs to be correct:-

i) In schedule ER, amount entered in Sr.no.19 [Total] is inconsistent with the sum of Sr no (1 to 18) of Schedule ER.

ii) As per the details furnished in the return, Assessee is not registered u/s 12A/12AA but is claiming exemption under section 11 .i.e. Sl. No. 4i to 4viii in Schedule Part B-TI.

iii) As per Section-12A(1)(b) of Income tax Act read with 1st Proviso to Rule 12(2) of the Income Tax Rules, where the total income of the trust or institution without giving effect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income tax, the audit report in Form-10B has to be E-filed along with the return of income. Since assessee has not E-filed the Audit Report in Form 10B along with or before filing of the Return of income, the exemption u/s-11 .i.e. sr.no 1 & Sl. No. 4i to 4viii in Schedule Part B-TI is not allowed.

iv) As per the details furnished in the return, Assessee is not registered u/s 12A/12AA or 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or 10(23C)(via) but is claiming exemption under section 11 .i.e. Sl. No. 4i to 4viii in Schedule Part B-TI.

What should I do in the above errors?

Further, I know that the income of Gratuity Trust is exempt u/s 10(25)(iv). But i cannot find this section in ITR-7.

Can anybody help me that. I will be thankful to him.

Thanx in Advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 March 2019 No ITR need to be filed for 10(25) exempt trust.
You have wrongly filed ITR 7. File revised return with zero value. Give explanation as trust exempt under section 10 (25) revised return filed.

Dinesh Singh

Dinesh Singh (Querist)
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19 March 2019 In which part, in ITR-7 I have to give the explanation.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 March 2019 Give it in exempt income schedule

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