Educational institution
This query is : Resolved
16 August 2016
Sir/Madam
One of my relative has opened a school for profit motive and has made a pan card of a trust for the purpose of getting the registeration from state government. the gross receipts exceeds 2. 5lakhs... is the school liable for audit and what all compliances has to be done.... pls guide me with your valuable suggestions
thanks in advance
16 August 2016
Tax audit applicable when the gross receipts exceed 1 crore. Only in case of 12A registered trust run without profit motive audit is required when gross receipts exceed 2.50 lacs. In your case you are liable for tax on the profit earned.
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