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Query Answer
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Dear Sir  / Madam,

We have party whose status is Trust   and they are not file form 10 B for the A.Y. 2013-14 with income tax return and they late file, on this basis  AO can Reject our Exemption U/S 11 of Income  tax act.

For the  above meter sir please give advice if any case law or judgement regarding Late filing of form 10 B online and case in favor of  the assesses for claim exemption for only one mistake they cannot file online form 10B due to unavoidable circumstances. 

Kindly do need full as earlier as possible. 

Reply

Dear Sir,

A trust or institution, whose total income for a year exceeds the maximum amounts not chargeable to tax, i.e. Rs. 2, 50, 000 is required to get its accounts audited by a qualified Chartered Accountant and obtain the audit report in Form No.10B. The audit report is to be e-filed before e-filing return of income. This is a mandatory requirement for claiming exemption under section 11 and 12. However, in exceptional circumstances, exemption may be allowed even on a belated audit report.
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