Filling up form itr-7

Income from Property held under trust means operational income which is taxable as Income from Business and Profession.But your surplus may contain other incomes like Dividend, interst so , income from donations etc. should be taxed under Business Income and Interest or other income should be taxed under respective heads.

The basic motive behind forming a trust is for serving public at large i.e. it has no "PROFIT" motive but businesses are run with a profit motive and that is why i find it a bit risky to show such income under busness head.

I appreciate the reply but kindly susbtantiate it with some proper citation of the Act or Case Law considering such income as operational income.

Please send me details on ITR-7 FOR AY-2013-14 & 2014-15. I FEEL SOME PROBLEM IN ITR-7. CA.PAWAN GUPTA (pawanpremchand @ gmail.com)

Sir,

   I am filled the trust return for AY 2014-15, dated 23/10/2015, in  ITR-7, Showing Computation as

All voluntary contributions amount                                          155000/-

Less: Amount applied to Charitable purpose                            154250/-

Income chargeable to tax                                                         1250/-

After processing of return, I received Intimation U/s 143(1), it shows Gross Total Income is 155000/-. So tax on that income is 48050+ interest   19056 = total demand 67106.

And also Iam not filed the Trust returns for AY 2015-16 & 2016-17. In this month  Trust applied the 12A registration. 

1.Please give me suggestion how to rectify my return for AY 2014-15 and

2. In case AY 2015-16 return filed u/s 142(1) -- ?

Please mail all details at cashwetajain138 @ gmail.com