How to rectify this kind of error
Please enter the Amounts applied for charitable/ religious purposes up to the beginning of the previous year in schedule I
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ITR 7-AOP/BOI
Replies (3)
What is the sub Status on schedule PI of ITR 7
Are you a registered trust under ITax Act ?
Please specify
Are you a registered trust under ITax Act ?
Please specify
Sub status is TRUST/INSTITUTION REGISTERED U/S 12A & trust is registered under income tax form 12a available
As a Trust under 12A , it is allowed to carry forward un-spent income (surplus) for a period of subsequent 5 years. That means you can utilize that surplus during next 5 years.
Now suppose for FY 2015-2016 surplus is 2 lakh
then
in FY 2016-2017 - spent 50000/- then balance will be 150000/- to be c/f
in FY 2017-2028 op balance will be 150000/-, spent again 50000/- then balance 1 lakh will be c/f.
like this upto FY 2020-2021 being the last year to spend. if any balance then no more c/f.
if in your case no such surplus then leave the schedule.
Now suppose for FY 2015-2016 surplus is 2 lakh
then
in FY 2016-2017 - spent 50000/- then balance will be 150000/- to be c/f
in FY 2017-2028 op balance will be 150000/-, spent again 50000/- then balance 1 lakh will be c/f.
like this upto FY 2020-2021 being the last year to spend. if any balance then no more c/f.
if in your case no such surplus then leave the schedule.
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