23 October 2017
Sir /madam,
We have a charitable trust. Financial year 2016 - 17, Our income is not taxable. We have a 12AA registration. Now my question is can we submit our return on December? Actually till now we have not completed our audit. Is their any penalty from income tax department,if delay of last date 31/10/2017.
23 October 2017
No penalty per se but benefit of accumulation u/s 11(5) will be lost if form ITR-7 is filed after the due date of filing of return of income.
CAclubindia
