ERROR CODE 92 , SEC 139(9) OF INCOME TAX ACT. 1961. - Whether ITR 7 applicable to trust/society having gross receipts greater than 1 cr but no exemption benefits allowed ?

[CHAMAN BANTHIA]

Trust/ educational Institution has filed ITR in form 7 for AY 2018-19, having receipts greater than 1 Cr and has no registration u/s 12A. and paid tax as per slab rate as applicable to trust in form ITR 7 and has not claimed any exemption u/s 10 to 13. Now the ITR has been considered defective. The resolution as provided by CPC is to file ITR1 to 6 (probably 5). The question is How to compute the Income to be shown in ITR 5. Tax rate shall be 30% or to compute the income as trust and put taxable amount directly in ITR.

Professional fee will be given for support & successful result. The matter is very Urgent.

Contact No. 9680003049.

Email: [email protected]

 

AI Summary

Trust's ITR 7 Deemed Defective for 2018-19: Guidance Sought on Refilling with ITR 5 and Tax Computation A trust or educational institution filed ITR 7 for the assessment year 2018-19 with gross receipts over 1 crore but without Section 12A registration, paying tax at the applicable slab rate without claiming exemptions under Sections 10 to 13. The return was deemed defective, and the Centralized Processing Center advised refiling using ITR forms 1 to 6, likely ITR 5. The query seeks guidance on computing income for ITR 5 and whether to apply a 30% tax rate or calculate income as a trust, with a professional fee offered for assistance. The matter is urgent.