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

ITR applicability for trusts with high receipts: determine correct return form and report taxable trust income accordingly.
Whether ITR-7 applicability extends to a trust with receipts above the threshold when no exemptions were claimed and the filed Form 7 is treated as defective; CPC has advised re-filing in ITR-1 to ITR-6 (likely ITR-5). The central compliance question is whether to compute income under trust accounting and report the taxable amount directly in the alternative form, or apply a slab-based tax computation for non-exempt trusts when completing the replacement return.