respected experts pease provide resolution to the query.
a society registered u/s 12a has received donation which have been properly shown under schedule VC and the exemption u/s 12a has been properly availed by filling all the relevant point of return. yet notice u/s 143 (1)(a) for a.y. 2019-20 is issued stating " Voluntary contribution other than corpus is taxable if you have not claimed exemption or exemption claimed is not available". all the relevant schedule have been filled kindly help what should be done in response of it.
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Income tax return 7
Replies (2)
Quick Summary
Please check the necessary field are filled in the ITR claiming exemption
Donation without a direction letter by the Donee that it's towards corpus of a Society, then it is treated as general donation income and taxable.
Check this point.
And then check how have you shown in ITR schedules.
You will then come to know where is lapse.
Check I&E and BS
where these donations are appearing ?
is it under I&E or directly as Corpus Fund in BS
Check this point.
And then check how have you shown in ITR schedules.
You will then come to know where is lapse.
Check I&E and BS
where these donations are appearing ?
is it under I&E or directly as Corpus Fund in BS
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