Audit of educational society

This query is : Resolved

Mohd Sarfaraz Latibani (Querist)
Follow

21 September 2011 We have created a school under the Educational Society last year and collected fees from school around Rs.5 Lakhs, and the book of acconts shows net loss of Rs.50000/- . I want to know whether we need to get our accounts audited or we can file the return without audit and please let me know which ITR should be used.

Thanks

VISHRUT

VISHRUT (Expert)
Follow

21 September 2011 Being a Society to get account audited is must and no other criteria will e applicable so statutory audit will be required to perform in said case.