A charitabe institution registered u.s.12A. while filling ITR-7, "interest from bank FD" there are two schedules- AI and OS.to fill interest from bank FD.If I fill in Sch.OS, it is taken as fully taxable income at 30 % , but if I fill in sch.AI it is eligible for deduction under application of income. Why there is duplicate place for an income and which sch.is correct .kindly enlighten me.
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Itr-7 filling
Replies (3)
AI schedule is just displaying a consolidated total income
You have to input data in OS and other applicable schedules and then a summary to be put in AI schedule
Thanks for the reply, but if I fill sch.OS the amount is treated as taxable at max.rate of 30 % without considering application of income .
Yes, its written on top income to be taxed at normal rate
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