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Q. > Please Help: ITR Form for Local Authority register u/s 12A
My dear friends, I would like to know your opinion whether ITR 5 or ITR 7 is to be filed for Market Committee for agriculture produce having the status of Local Authority & registered u/s 12A as public utility service institution.Also whether it has any tax liability in case of under utilization of income below 85%.
answered Sep 24, 2011 by Ashish Karundia , New Delhi
Dear Tarun,
In the instant case, the local authority registered u/s 12A of Income Tax Act, 1961 is required to file return in ITR-7. [Refer Section 139(4A) read with Section 12(1)(g) of Income Tax Act, 1961 read with Proviso (b) to Rule 12 (3) of Income Tax Rules, 1962].
Further, in case the utilisation is less than 85%, then you can exercise the options available under Explanation 2 to Section 11(1) of Income tax Act, 1961. In such cases, you need to give a declaration in Form 10 (Refer Rule 17)].
Hope this answers your query.
answered Sep 24, 2011 by Ashish Karundia , New Delhi
Dear Tarun,
In the instant case, the local authority registered u/s 12A of Income Tax Act, 1961 is required to file return in ITR-7. [Refer Section 139(4A) read with Section 12(1)(g) of Income Tax Act, 1961 read with Proviso (b) to Rule 12 (3) of Income Tax Rules, 1962].
Further, in case the utilisation is less than 85%, then you can exercise the options available under Explanation 2 to Section 11(1) of Income tax Act, 1961. In such cases, you need to give a declaration in Form 10 (Refer Rule 17)].
Hope this answers your query.
Experts Panelist
Comments
CA VIPIN GARG
26-Sep-2011 , 08:43:58 amRightly said again by Ashish Ji.......