{"id":38153,"date":"2023-12-15T13:41:59","date_gmt":"2023-12-15T08:11:59","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=38153"},"modified":"2023-12-28T14:29:13","modified_gmt":"2023-12-28T08:59:13","slug":"adjustment-u-a-1431aii","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/adjustment-u-a-1431aii\/","title":{"rendered":"Adjustment u\/a 143(1)(a)(ii)"},"content":{"rendered":"<p>Assessee is a Trust running school, whose gross receipt falls under Rs. 5cr.<\/p>\n<p>For a.y. 23-24 the assessee trust filed it&#8217;s ITR u\/s 139(4C) belatedly on 30.10.23 and claimed exemption u\/s 10(23c)(iiiad).<\/p>\n<p>In Schedule IE-4, following details were filled :<\/p>\n<ul>\n<li>Annual gross receipt &#8211; 50L<\/li>\n<li>Amount applied for objective &#8211; 48L<\/li>\n<li>Balance accumulated &#8211; 2L<\/li>\n<\/ul>\n<p>In Part B2 of Part B &#8211; TI : exemption amount claimed u\/s 10(23C)(iiiad) &#8211; 2L<\/p>\n<p>Now, the assessee has received adjustment notice u\/s 143(1)(a)(ii), which says : &#8220;Income due to disallowance of exemption under clauses of Section 10 entered at Sl No. 3 of Schedule OS is less than the difference between &#8220;Gross receipts &#8221; in Sl. No. 3 of Schedule IE-4 &amp; exemption claimed in Part B2 of Part B &#8211; TI.<\/p>\n<p>Hence the amount mentioned at Sl. No. 1(e) &#8221; Income due to disallowance of exemption under clauses of Section 10&#8243; in Schedule OS is recomputed accordingly.<\/p>\n<p>Kindly suggest if the return filed by assessee is correct? Whether the exemption amount filled in Part B2 of Part B &#8211; TI<\/p>\n<p>Also what shall be done further in this case?<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[1108,159],"class_list":["post-38153","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-adjustment","qa_tag-assessment"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/38153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=38153"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38153"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=38153"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=38153"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=38153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}