Self Assessement Tax
This query is : Resolved
13 January 2020
Dear Sir
We are an educational institute and running one English medium and one Hindi medium school. Our gross receipts in total are 26 lacs. and our Exp is 21 Lacs at the time of filing of ITR for A/y 2017-18 in utilization we put 5 lacs and filed the return. In the return it showed a total income of 21 lacs and tax under self-assessment was calculated and the ITR was filed without depositing tax and this point also did not came to our notice. Now the ITO is telling us to launch prosecution against as we have not deposited the self-assessment tax. We are requesting him that we are an eductional institute and claiming exemption u/s 10(23C)(iiiad) as our receipt are below 1 crore.and it is clerical error which has created a liability. I want to know whethe he is right in initating prosecution. can he not treat our return as defective and treat it as invalid on account of non payment of self assessment tax.
We are an educational institute and running one English medium and one Hindi medium school. Our gross receipts in total are 26 lacs. and our Exp is 21 Lacs at the time of filing of ITR for A/y 2017-18 in utilization we put 5 lacs and filed the return. In the return it showed a total income of 21 lacs and tax under self-assessment was calculated and the ITR was filed without depositing tax and this point also did not came to our notice. Now the ITO is telling us to launch prosecution against as we have not deposited the self-assessment tax. We are requesting him that we are an eductional institute and claiming exemption u/s 10(23C)(iiiad) as our receipt are below 1 crore.and it is clerical error which has created a liability. I want to know whethe he is right in initating prosecution. can he not treat our return as defective and treat it as invalid on account of non payment of self assessment tax.
14 January 2020
write a letter to ITO stating the facts under a copy to concerned CIT
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Taxability of credit in canara bank ET & T section (NRO)
- Gst on travel by air for business purposes
- Banking Related Issue
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
