14 January 2011
Please tell me under which head income of educational institutions is taxable. Whether under "Profit & gains from business & Profession" or under "Income from Other sources"
14 January 2011
Since running an Educational Institution is only possible with the help of professionals, educating people is a profession, persons studying there are would be businessmen or professionals (and to run such institutions have become a business, nowadays) it would be taxed under the head-
"Profits and Gains from Business or Profession."
The answer is based on the assumption that it's a private educational institution and not registered as Trust.
22 January 2011
Dear Sir, This is to ask that "IS THERE ANY CASE STUDY (OR) WRITTEN ANYWHERE IN ACT/LAW SUPPORTING THAT CHARITABLE TRUSTS ARE OUT OF PURVIEW OF TAX AUDITS." Please give your valuable reply as soon as possible. Eagerly Waiting.............
CAclubindia
