Notice u/s 139(9) of income tax act
This query is : Resolved
01 October 2015
Dear Sir/Madam
one of my clints has Aop (Trust) status. this trust is an education society which runs some school and college. this society has Annual Gross receipts of Rs.5303292 and claimed exemtion u/s 10(23C)(iiiad) and no audit required for this socity u/s 10(23c) because its annual gross receipts ie not exceed Rs. 1 Crore in A.Y. 2014-15 and this society has not claimed any exemtionU/S 11 or 12. now the income tax department has issued notice u/s 139(9) that " as per section 12A(1)(B), if the total income of the trust/institution before claim of exemtion U/S 11 or 12, exceeds the maximum amount not chargeableto tax, account of such trust are to be compulsory audited, henceplease ensure the same and file the corrected return incorporating the details of such audit otherwise the filled return of ITR 7 willbe treated as invalid."
please sugguest me to deal with this notice.
one of my clints has Aop (Trust) status. this trust is an education society which runs some school and college. this society has Annual Gross receipts of Rs.5303292 and claimed exemtion u/s 10(23C)(iiiad) and no audit required for this socity u/s 10(23c) because its annual gross receipts ie not exceed Rs. 1 Crore in A.Y. 2014-15 and this society has not claimed any exemtionU/S 11 or 12. now the income tax department has issued notice u/s 139(9) that " as per section 12A(1)(B), if the total income of the trust/institution before claim of exemtion U/S 11 or 12, exceeds the maximum amount not chargeableto tax, account of such trust are to be compulsory audited, henceplease ensure the same and file the corrected return incorporating the details of such audit otherwise the filled return of ITR 7 willbe treated as invalid."
please sugguest me to deal with this notice.
01 October 2015
If the total income as per ITR-7 exceeded the maximum amount which is not chargeable to tax, audit report in Form 10 B is required since status as in PAN data base is AOP (TRUST) irrespective of section 11 benefit enjoyed or not.
02 October 2015
thank you sir for your kind reply and excellent sugguestion
02 October 2015
Seems you should have avoided the defect notice had you been selected 139 (4C) instead of 139(4A) in clause 4(b) of form ITR-7.
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