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.
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.
CAclubindia
