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Trust audit and ITR

Sanjay Kumar Chaubey (Students/ Proprietor) (113 Points)

10 October 2019

1- In case of trust audit report filed on portal after filing of ITR. May department Disallowed exemption to Trust?
2- Forget to fill depreciation amount in P/L schedule of ITR thus there is profit(excess income over expenses) and also on profit department asking tax. AY 2018-19. What is the consequence and remedy available to us

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4 Replies

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 10 October 2019

Hi Sanjay Kumar

yes department can disallow exemption.

if notice is served reply to notice, if not then revise ITR

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Sanjay Kumar Chaubey (Students/ Proprietor) (113 Points)
Replied 10 October 2019

My query regarding before filling of ITR to Audit report and not fill depreciation in itr both Q please separately reply

Kapadia Pravin (17249 Points)
Replied 11 October 2019

1. Form 10B audit report has to be filled alongwith return of income.

2. Not claiming depreciation in ITR is a lapse on your part.
The last of filing revised return was 31-3-2019. So now you can't File revised return.

Suresh Thiyagarajan (Student) (3986 Points)
Replied 11 October 2019

1. Form 10B is like an audit report for trust, the same should be filed before filing the IT return.
2. However, with respect to claim of depreciation, sec 119(2)(b) can be resorted to through online as the claim of depreciation is "deduction" which is left out in filing the ROI. This is one of the items which is contemplated under sec 119(2)(b) of the act.
Please correct me if the above solution has an alternative view.