03 March 2020
A School Allot PAN under AOP. please provide me correct ITR Form 7 or 5. can file ITR 7 is valid. Also provide me late filling ITR-5/7 Tax rate
03 March 2020
Gross receipts not exceed 1 crore and it's an educational institution not for profit file ITR 7. In other cases file ITR 5 slab rate of tax applicable.
05 March 2020
But Sir, Assessee not grant approval from dept. under sec. 10(23C). BUT he got approval under 12AA. can he claim 10(23C) on behalf on 12AA
05 March 2020
if gross receipts are not more than 1 crore then no need of approval, section 10(23C) is automaticaly granted subject to other conditions mentioned by CA Seetharaman Sir already.
02 August 2024
Let's address your questions one by one:
### 1. Claiming Exemption Under Section 10(23C)
- **Approval Under Section 12AA & 80G:** - If a government educational school has received approval under Section 12AA and Section 80G, it indicates that the school is recognized as a charitable institution and can avail of tax benefits related to donations. - Section 10(23C) provides exemptions for specific categories of educational institutions. If the institution meets the criteria for exemption under Section 10(23C) and has not yet received such approval, it cannot automatically claim this exemption solely based on its 12AA approval.
- **Total Receipts Less Than 1 Crore:** - Since the total receipts are less than ₹1 crore, the institution may be eligible for exemption under Section 10(23C)(iiiad). However, without formal approval under Section 10(23C), it cannot claim this exemption. The institution needs to apply for and receive approval under Section 10(23C) to claim this specific exemption.
### 2. Filing ITR Under Sections 139(4A) vs. 139(4C)
- **Section 139(4A) vs. Section 139(4C):** - **Section 139(4A)**: This section is for charitable or religious trusts that have received approval under Section 12AA (and are also eligible under Section 80G). These trusts need to file their return of income under this section, showing their income and claiming exemptions as per the provisions of Section 12AA and 80G.
- **Section 139(4C)**: This section applies to various categories of entities, including those under Section 10(23C). It is used when an institution is claiming benefits under specific exemptions covered under Section 10(23C).
- **Without Approval Under Section 10(23C):** - If the institution has not received approval under Section 10(23C) but is registered under Section 12AA, it should file the ITR under **Section 139(4A)**, as this section applies to entities that have approval under Section 12AA. - Filing under **Section 139(4C)** without approval under Section 10(23C) would not be appropriate because the institution would be claiming an exemption that it does not formally have.
### Summary
1. **For claiming exemption under Section 10(23C)**: The school needs to apply for and receive approval under Section 10(23C) to claim exemptions specifically under that section. Approval under Section 12AA and Section 80G does not automatically cover exemptions under Section 10(23C).
2. **Filing ITR**: The school should file its return under Section 139(4A) if it is approved under Section 12AA and not under Section 10(23C). Section 139(4C) should only be used if the institution has approval under Section 10(23C).
It is essential to follow the appropriate procedures and seek the necessary approvals to ensure compliance and proper tax treatment. If needed, consulting with a tax professional for detailed advice tailored to your specific situation would be beneficial.
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