ITR-7 (Income Accumulated & form 10 filed within duedate)

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This query is : Resolved

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This discussion addresses a query regarding the taxation of accumulated income under Section 11(3) of the Income Tax Act. The user filed Form 10 within the due date for FY 2017-18, but the income of Rs 19,70,000 is showing as taxable at 30% in AY 2023-24 ITR-7. The core issue is whether this accumulated income, not spent within five years, is taxed at slab rates or the 30% rate as per Section 115BBI.

SANDEEEP SINGH

SANDEEEP SINGH (Querist)
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05 October 2023 Income u/s 11 (3) is Rs 19,70,000 (accumulated & not spent within 5 years) is taxed @ slab rate or @ 30% as per section 115BBI expln. b.
Assessee has filed Form 10 for the F.y 2017-18 within the duedate.
But while filing A.Y 2023-24 ITR-7 Rs 1970000 is showing taxable @ 30%
Pls try to resolve the query.

Thank you for your reply Sir.