a school with foreign income

This query is : Resolved

CA Vijay Kumar Walande (Querist)
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09 November 2009 Dear Sir,
Greetings

I just want to know, if a school gets its funds as subidy to run the school from other country, then whether it should submit its accounts to any special department as the reciepts are in dollar should the school submit its accounts to any authority.

Please tell me the details

Thank you
vijay

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Guest (Expert)

09 November 2009 If A school is a registered trust then they have to follow as per respective Act.

Simultaneously applicability of Income Tax Act, and RBI Guidelines also need to be verified.