Income Tax Return of Hospital, Educational Institution Mutual Fund, Venture Capital Fund, Recognized Provident Fund, Approved Superannuation Fund

-
ITR US 139(4C)
1. Research Association us 10(21)
2. News Agency us 10(22B)
3. Association / Institution for regulation of Law / medicine / accountancy / architecture 10(23A)
4. Institution for Khadi / village industries us 10(23B)
5. University / Educational Institute / Hospital / Medical Institution us 10(23C)
6. Mutual fund us 10(23D)
7. Securities Trust us 10(23DA)
8. Venture Capital Company / Venture Capital Fund 10(23FB)
9. Trade Union / Association of Trade Unions us 10(24)
10. Body / Authority / Board / Trust / Commission set up with the objectives of administrating activities for the benefit of general public 10(46)
11. Infrastructure debt fund us 10(47)
12. Investors protection fund us 10(23EC) / 10(23ED)
13. Core settlement guarantee fund us 10(23EE)
14. Board or Authority us 10(29A)
15. Recognised PF, Approved Superannuation fund, Approved Gratuity Fund

File ITR if total income exceeds MANCT.

Audit is required if income exceeds MANCT.

Due date is 30 September

Late fee us 234F and penalty us 272A is applicable. ITR US 139(4D)
1. Such institution is referred to section 35 (1) (ii) and 35 (1) (iii)
2. Which is not required to furnish ITR under any provision
3. Shall furnish ITR.
4. Compulsory audit is required
5. Due date is 30 September
6. Late fee us 234F is applicable ITR US 139(4B)
1. If before exemption us 13A exceeds MANCT, is required to file
2. Rate as per individual
3. For 13A Audit is compulsory
4. Dure date is 30 September
5. Return can be revised is submitted before due date
6. No exemption if filed after due date.
7. Fee is applicable for late filing of return us 234F

Comments

Post a Comment

Popular posts from this blog

Accounting for turnover of travel agents and treatment of reimbursable expenses

-
How to calculate turnover of travel agents and recognition of revenue to be made: Example:- 1. Receipt by travel agents of ₹ 11,090. The fare of train is ₹ 10,000 and GST on train fare @ 5% ₹ 500. Service Charge of the travel agent is ₹ 500 and GST @ 18% ₹ 90. Accounting: 1. ₹ 11,090 is to treated as advance from customer under current liabilities. 2. Payment of train fare of ₹ 10,500 to be shown as advance recoverable for cash or kind under current assets.(Note :1) 3. Adjustment of the above current assets and current liabilities should be squarred off by journal. 4. Service Charges of ₹ 500  to be shown as revenue. 5. GST of ₹ 90 is to kept under current liabilities as Output. Note: 1. GST Number of the person in whose name train ticket is booked, may be provided at booking time for the benefit of ITC of such person. Conclusion: To be eligible to treat the above payment of train fare not to be included in the turnover of the travel agent the following conditi...
Read more

The Constitution (101st Amendment Act) 2016 for implementation of GST in India

-
1. The Constitution (101 st Amendment Act) 2016. 1.1. It is containing 20 Sections. 1.2. Article 279 A , a newly inserted Article for setting up GST Council Note: 1. The same is notified on 12 September 2016 Note: 2. Remaining provision is notified on 16 September 2016 1.3.          Compensation to state for loss of revenue by The Central Government for a period of 5 Years on recommendation of Council. 1.4. Formation of Joint forum by State and Central Govt. i.e. The GST Council. Note: 1. Provision comes into effect from 12 September 2020. Note: 2. Council is constituted on 15 September 2020. 1.5.          Finance Minister is the chairman of the council and other ministers of States are members. 1.6.          Council makes recommendation to the State Govt. on different issues. 1.7.          Declared Goods o...
Read more

How rating downgrade effects Debt Fund of Mutual fund Industry

-
Four names which become the nightmare are IL&FS, DHFL, Reliance Anil Dhirubhai Ambani Group(ADAG) and Zee / Essel. What is particularly noticeable that in corporate bond instruments not only the ability to repay the bond is important but also the willingness of repayment is also important ,  hence subjective factors are also present there. Another important point is no cap has now been provided by regulator on promoter's borrowing capacity, which also effects the financial ability of the borrower's. 1. Role of credit rating agencies 1.1 Credit rating agencies generally delay in downgrading funds which itself creates problems, such action puts question mark on the credibility of credit rating. Now regulatory authority has started scrutiny. 2. Mutual fund schemes are affected 2.1 Downgrading of funds from AA+ ( high-grade investment) to D (Investment in default) 2.2 Since October 2018 credit rating agencies have downgraded 319 bonds of 63 issuers, which is more than the total...
Read more