How to enter Value in "Schedule IE-1, IE-2, IE-3 and IE-4": Income and expenditure statement
How to enter value in Schedule
IE-1, IE-2, IE-3 and IE-4: Income and expenditure statement
In case of ITR 7, Certain schedules to this
return form are mandatorily required to be filled up by assessees which are
claiming exemption under specific provisions, as per the following list: -
claiming exemption u/s 11 and/or 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or
claiming exemption under any of the clauses of section 10(21), 10(22B),
10(23AAA), 10(23B), 10(23FB), 10(23D), 10(23DA), 10(23EC), 10(23ED),
10(23EE), 10(29A), 10(46), 10(47) and persons whose income is unconditionally
exempt under various clauses of section 10 (refer the list above at
claiming exemption under sections 10(23A), 10(24)
claiming exemption under sections 10(23C)(iiiab) or 10(23C)(iiiac)
claiming exemption under sections 10(23C)(iiiad) or 10(23C)(iiiae)
How to enter value in Schedule
IE-1, IE-2, IE-3 and IE-4 : -
the Income Tax software - Go to Transactions → Filling information
>filling status option given in the menu bar
Select Other Return Section and Sub selection
Note :- Schedule IE will enable according to sub sections
Go to Transactions → General information BS/P&L >Page No. 7 ( schedule ie ) option given in the menu bar
Enter value of Income and expenditure statement according to sub status.
For example :- section 10 (23c)(iiiad) is selected in filling status so value has to be entered in Schedule IE 4
Note :- AS per ITR form guide line no need to enter value in any other income fields
Schedule IE 4 calculation -
Income in schedule ie 4 is conditional exempt -
Section 10(23C)(iiiad) and Section 10(23C)(iii ae) provides that the income earned by any university or educational institution shall be exempt from tax if the aggregate annual
receipts of such university or educational institution do not exceed Rs. 1 crore.
Schedule IE 3 calculation
Section 10(23C)(iiiab) and Section 10(23C)(iii ac) provides that the income earned by any university or educational institution shall be conditional exempt
Income is taxable - where the Government grant
is More then 50 % of Gross receipt
Income is exempt - where the Government grant is less then then 50 % of Gross receipt
Schedule CYLA: Statement of income after set off of current year's losses
Schedule CYLA: Statement of income after set off of current year's losses If the net result of computation under the head ‘income from house property’, ‘profits and gains from business or profession’ and ‘income from other sources’ is a loss figure, ...
Income Tax Xml upload error regarding schedule 112A
Income Tax Xml upload error regarding schedule 112A - "In Schedule 112A , Col 6 Total Sale Value in not equal to Col. 4*Col. 5 " Possible Regulation The main reason of this error that value of "No. of Shares/Units " and "Sale-price per Share/Unit ...
Income Tax > Advance tax - How the value in "deposited" column is calculated.
Advance tax - How came value in "deposited" column Solution The value in "Deposited" column will come when you have prepared Challan for advance tax. Go to transactions >advance tax > challan Enter here installment wise advance tax challan detail ...
How to select New Tax Regime in Income Tax Software?
Form 10IE To Select New Tax Regime In Budget 2020, taxpayers were given an option to choose between the old and new tax regime. Under the new tax regime, taxpayers have an option to pay lesser tax on the total income. That means taxpayers will not ...
Deprecation calculation as per companies act 2013 in Income Tax
Deprecation calculation as per companies act 2013 Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, ...