Taxable income of aop
This query is : Resolved
11 June 2014
respected advisers
our organisation is registeted u/s 12/A & we act as an society,our pan based on AOP. submit nil returns in ITR 7
due to accounting policies we still unable to finalised our ac since 2011-12.
my query is there any limit of profit earned
(let our gross receipts 30 lacs & we spend 25 lacs,i.e. more than 85%, is this 5 lacs is taxable & if yes then what is section in which it is taxable & tax amt how much.
plz plz reply
rajib
kolkata
11 June 2014
then u can apply for extention to charity commisioner for application of 5 lakhs income to be applied next year.
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