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.