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10 (23 ) exemption

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(Querist)
17 March 2018 Assesse is an educational institution ( School ) and PAN status is AOP

Didn't get or apply for exemptions yet

In the year 2016-17 gross receipts is approximately 75 Lakhs and excess income over expenditure is 4 Lakhs

Whether they will eligible for 10 (23 ) exemption ? or they need to pay tax ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
17 March 2018 10(23c(iiiad)exemption available upto 1 crore gross receipts. No need to pay tax.
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Hari Nair

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Hari Nair (Querist)
27 March 2018 Which ITR form they have to file sir ?
A notice is received regarding non filing of income tax return
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 March 2018 Reply to the notice gross receipts less than one crore income exempt u/s 10(23c)(iiiad) being educational institution.

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