03 May 2010
We are running a non-commercial school through a Society, registered under Societies Registration Act. May we have to pay tax on excess on over expenditure (surplus). Could anyone give me the relavant section of income tax act of society taxation
03 May 2010
The answer to your first query is yes, you have pay taxes on the surplus. All the rules, provisions which apply to a normal assessee also apply to a society. In case of non profit / charitable institutions, one can apply for exemption under section 11A / 12 of the Act for getting exemption from tax.
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