ITR-7 (Income Accumulated & form 10 filed within duedate)
This query is : Resolved
Quick Summary
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.
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.
05 October 2023
Did you spend the amount in FY 2022-23 which is the 5th year, if not spent it will be taxed.
05 October 2023
Thank you for your Reply Sir.
06 October 2023
You are welcome..
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