Pan card issues as status firm
RAJ KUMAR
(Querist) 05 October 2011
This query is : Resolved
WE HAVE AN EDUCATIONAL INSTITUTION. WE GOT OUR PAN CARD ISSUED IN 2007. WE RUN A SMALL SCHOOL. DUE TO SOME DISCREPANCY WE WERE ALLOTTED THE PAN CARD AS STATUS 'FIRM'. WE SUBMITTED THE COPY OF THE REGISTRATION WITH REGISTRAR OF SOCIETIES. AFTER FILING THE RETURN IN 2009 FOR FY 2007-08, NOW INCOME TAX DEPTT HAS RAISED A DEMAND BY ASSESSING AS FIRM. NOW WE AGAIN GOT THE PAN CARD AS STATUS ASSOCIATION. WHAT TO DO TO AVOID THAT DEMAND FROM THE TAX DEPTT AND UNDER WHAT RULE.
A V Vishal
(Expert) 05 October 2011
You need to go for a rectification order u/s.154
R.Ramachandran
(Expert) 05 October 2011
I also agree with the views of Mr.Vishal.
Raj Kumar Makkad
(Expert) 05 October 2011
Get rectification from IT Department by making a representation in detail and by enclosing your registered bye-laws therein as per section 154 of IT Act.
ajay sethi
(Expert) 06 October 2011
agree with experts
RAJ KUMAR
(Querist) 06 October 2011
THANKS ALL. WE HAVE ALREADY FILED THE RECTIFICATION BUT THE DEPARTMENT IS PRESSURISING FOR DEMAND.
Sanjeev
(Expert) 06 October 2011
what basis the return was filed by you- did you claim the Income earned as exempt u/s 10(23)C.
why would the Income earned by the Educational Institution be exepmt it would be chargeable unless you have a exemption from IT department u/s 10(23)C.
The IT department is right in its demand if no exemption has been granted the money earned from education institute is chargeable.
A V Vishal
(Expert) 07 October 2011
What is the outcome of the rectification, only if the rectification petition is rejected you can go in for appeal. Let the A.O inform the status or keep the demand in abeyance until he passes an order.
RAJ KUMAR
(Querist) 09 October 2011
The return was filed as status AOP and being a society there was exemption upto the amount of excess of income over expenditure shown i.e. it was less than 50000. The rectification was sent on 15.02.2011 and it remained unreplied more than 6 months. Thus in my view it should be taken as accepted. Now in the month of September again the same demand was sent from IT Deptt.
soumitra basu
(Expert) 23 October 2011
You have to file appeal before the CIT(A) in against the pending rectification.
RAJ KUMAR
(Querist) 24 October 2011
IN NUT SHELL THE RECTIFICATION IF NOT REPLIED WITHIN SIX MONTHS IT IS ASSUMED ACCEPTED. THE INCOME TAX DEPTT CAN RECTIFY IT AT THEIR OWN BY ACCEPTING IT AS AOP AND NOT FIRM AS THE ACTUAL STATUS. WHICH IS NOW DONE. THERE IS NO NEED OF APPEAL. IT WAS ONLY HARRASSMENT .
THANKS TO ALL PARTICIPANTS.
