Return defective u/s 139(9) of it act
This query is : Resolved
16 June 2015
My client is an AOP registered under Societies Act as a Private Trust.
I have filed the ITR 7 for Asstt year 2014-15 with Total income of Rs. 2.12 lacs without claiming any exemption , I have received a notice stating the return is considered as defective u/s 139(9) stating the reason “ The income of Assessee exceeds 2 lacs and Audit flag is NO “.
Nature of Income – Interest from Fixed deposit .
My Query :-
a) As this is a private trust , we are not claiming any exemption and not running any business, is there requirement to file Audit report, if yes under which section of IT Act.
b) What is the basic exemption limit of Taxable income.
c) As the return is considered as defective, do we need to file the ITR again.
Awaiting experts early reply,
With Regards
Amit Dadhich
I have filed the ITR 7 for Asstt year 2014-15 with Total income of Rs. 2.12 lacs without claiming any exemption , I have received a notice stating the return is considered as defective u/s 139(9) stating the reason “ The income of Assessee exceeds 2 lacs and Audit flag is NO “.
Nature of Income – Interest from Fixed deposit .
My Query :-
a) As this is a private trust , we are not claiming any exemption and not running any business, is there requirement to file Audit report, if yes under which section of IT Act.
b) What is the basic exemption limit of Taxable income.
c) As the return is considered as defective, do we need to file the ITR again.
Awaiting experts early reply,
With Regards
Amit Dadhich
16 June 2015
a) You should have filed the return form ITR 5 file it again.
b) Basic exemption limit is 2 lacs if none of the AOP members having taxable income.
C) File ITR 5 again after paying taxes and interest.
b) Basic exemption limit is 2 lacs if none of the AOP members having taxable income.
C) File ITR 5 again after paying taxes and interest.
16 June 2015
Dear Mr. Seetharaman,
appreciate for your quick reply,
a) Status of the Assessee is AOP- Private Trust registered under Societies Act,ITR form 7 is only active for the said case there is no option to select ITR 5.
b) Is there requirement to file Audit report, if yes under which section.
appreciate for your quick reply,
a) Status of the Assessee is AOP- Private Trust registered under Societies Act,ITR form 7 is only active for the said case there is no option to select ITR 5.
b) Is there requirement to file Audit report, if yes under which section.
16 June 2015
ITR 7 is applicable only for charitable and religious trusts. Filing of audit report is the requirement of section 12A(b) of the Income-tax Act, 1961, in the case of charitable
or religious trusts or institutions
or religious trusts or institutions
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