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

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: -



Trust/institution claiming exemption u/s 11 and/or 10(23C)(iv) or 10(23C)(v) or 10(23C)(vi) or 10(23C) (via)



Schedule AI



Assessee 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 Sl. No.2)



Schedule IE 1



Assessee claiming exemption under sections 10(23A), 10(24)



Schedule IE 2



Assessee claiming exemption under sections 10(23C)(iiiab) or 10(23C)(iiiac)



Schedule IE 3



Assessee claiming exemption under sections 10(23C)(iiiad) or 10(23C)(iiiae)



Schedule IE 4


 


How to enter value in   Schedule IE-1, IE-2, IE-3 and IE-4 : -

Step 1

Open the Income Tax software - Go to Transactions → Filling information >filling status  option given in the menu bar

 



Step 2
 Select Other  Return Section and Sub selection

 



Note :- Schedule IE will enable according to sub sections 


Step 3 

Go to Transactions → General information BS/P&L >Page No. 7 ( schedule ie ) option given in the menu bar





Step 4

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





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