Taxability of school

This query is : Resolved

mahendra kewlani (Querist)
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02 January 2015 Dear Sir/Mam,

(1) What are the income tax provisions which are applicable on Schools that are operated by the society ?

(2) There is a society which is running a school, my query is, is the society required to file income tax return in case they have income exceeding minimum exemption limit ?

NAVEESH DHAR

NAVEESH DHAR (Expert)
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02 January 2015 Yes the society is required to file ITR7 AND If the gross receipts of the school is less than Rs 1 crore the income will be exempt under section 10(23c)(iiiad) whereas if the receipts exceeds above 1crore the will be exempt under section 10(23c)(vi) but for claiming said exempt the society / school is required to file an apllication under Form 56 with CIT

NAVEESH DHAR

NAVEESH DHAR (Expert)
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03 January 2015 In continuance of my earlier reply kindly read the Form 56D instead of form 56 and CCIT (Chief Commissioner of Income Tax ) instead of CIT

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