One of my client is a registered co-operative society running a educational institution. Not registered under 10(23c) and not registered under income tax for any exemption
this assesment year their gross receipt exceeds 1 crore.
my question is under which head their income should be shown in Income Tax Return??
which Form should be used for issuing Audit Report???
24 September 2012
Better to Register U/s 1023c. or under 12A. to Get Benefit.
Now Its Fully Taxable Except Deductions Available u/s 80P. Only 50000 Rs Deduction Available u/s 80P. Rest All Taxable After Deducting Expenses. Its to be Treating as Business Income.
24 September 2012
Further the societies are taxed as per the following slab: _ Income upto Rs 10000 10 % Income upto Rs 20000 20 % Above 20000/- 30 % The income tax as arrived above has to be increased by 3 % of tax payable towards Education Cess and Higher education Cess.
CAclubindia
