STd. Deduction U/s 11

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Sanjay Kumar Chaubey

Students/ Proprietor

114 Points Joined November 2010

I have two queries regarding trust
1- Standard Deduction 15% forget to claim in itr 7 thus demand notice issued for tax. filed return as payable
2- Trust itr 7 filed before audit report 10B
Thanks in advance

Replies (1)

Kapadia Pravin

17264 Points Joined December 2018

Form 10B Audit report is required to be filed simultaneously when ITR filing.

For which AY the issues pertain

What do you mean by standard deduction 15%. Actually trust is required to spend 85% on objects of the trust and 15% can be accumulated by filing form No 10 before ITR filing.

You may send order copy to my mail id -- pnkapadia @ gmail.com for precise reply.