FOR 10BB FOR education institute claiming exemption u/s 10(23C)(iiiad).
This query is : Resolved
28 October 2023
Dear Sir/Madam,
Ours is a Bachpan PLay school - it is a franchise School, here Nursery, LKG and UKG classes are taken.
We want to file ITR for F.Y.2022-2023, it has gross receipts of 71 lakhs.
Can we file ITR 7 by claiming Exemption U/S 10(23C)(iiiad) of income tax Act.
We have not taken any 12A registration and other registrations .
And Pls let me know do we hv to file Form 10BB for the above case.
Please any body guide me on this.
Thanks in advance
Ours is a Bachpan PLay school - it is a franchise School, here Nursery, LKG and UKG classes are taken.
We want to file ITR for F.Y.2022-2023, it has gross receipts of 71 lakhs.
Can we file ITR 7 by claiming Exemption U/S 10(23C)(iiiad) of income tax Act.
We have not taken any 12A registration and other registrations .
And Pls let me know do we hv to file Form 10BB for the above case.
Please any body guide me on this.
Thanks in advance
29 October 2023
Yes, file ITR 7.
10BB not required.
10BB not required.
29 October 2023
Is pre schools eligible for full exemption u/s 10(23C)(iiiad) of income tax act
29 October 2023
Pre school not eligible but nursery LKG UKG part of school eligible.
20 March 2024
Dear Sir/Madam,
Ours is a Bachpan PLay school - it is a franchise School, here Nursery, LKG and UKG classes are taken.
We have filed ITR for F.Y.2022-2023, it has gross receipts of 71 lakhs.
we have filed form ITR 7 by claiming Exemption U/S 10(23C)(iiiad) of income tax Act.
We have not taken any 12A registration and other registrations .
And Pls let me know do we hv to file Form 10B or Form 10BB for the above case as per new Circular No. ;2../2024 dated 05.03.2024
Please any body guide me on this.
Thanks in advance
Ours is a Bachpan PLay school - it is a franchise School, here Nursery, LKG and UKG classes are taken.
We have filed ITR for F.Y.2022-2023, it has gross receipts of 71 lakhs.
we have filed form ITR 7 by claiming Exemption U/S 10(23C)(iiiad) of income tax Act.
We have not taken any 12A registration and other registrations .
And Pls let me know do we hv to file Form 10B or Form 10BB for the above case as per new Circular No. ;2../2024 dated 05.03.2024
Please any body guide me on this.
Thanks in advance
20 March 2024
Not required as the section is not mentioned in the circular.
20 March 2024
And sir, i filed ITR 7 on 30.07.2023 but so far ITR is not yet processed. Is there any issues??
20 March 2024
No issues wait for processing.
08 August 2024
Hi sir,
We have filed ITR for F.Y.2023-2024 for a pre school, it has gross receipts less than 5 crore.
we have filed form ITR 7 by claiming Exemption U/S 10(23C)(iiiad) of income tax Act.
We have not taken any 12A registration and other registrations .
And Pls let me know do we have to file Form 10B or Form 10BB for the above case for F.Y.2023-2024
Please any body guide me on this.
Thanks in advance
We have filed ITR for F.Y.2023-2024 for a pre school, it has gross receipts less than 5 crore.
we have filed form ITR 7 by claiming Exemption U/S 10(23C)(iiiad) of income tax Act.
We have not taken any 12A registration and other registrations .
And Pls let me know do we have to file Form 10B or Form 10BB for the above case for F.Y.2023-2024
Please any body guide me on this.
Thanks in advance
09 August 2024
Eligibility for exemption
To be eligible for exemption under Section 10(23C)(iiiad), an educational institution must meet certain criteria. First and foremost, it must be approved by the government of India. Additionally, the institution must be a non-profit organization, which means that its primary objective must be the promotion of education rather than making profits.
12A registration and 10B and 10BB not required.
The exemption under Section 10(23C)(iiiad) of the Income Tax Act, 1961, can cover pre-school education, provided the institution meets the following criteria:
Educational Purpose: The pre-school must exist solely for educational purposes. As long as the institution's primary objective is to impart education and it does not operate for profit, it can qualify for the exemption.
Not-for-Profit: The institution should not have a profit motive. Any surplus generated should be used towards educational purposes and should not be distributed to the members or stakeholders of the institution.
Gross Receipts Threshold: The annual gross receipts of the pre-school should not exceed ₹5 crore (₹50 million). If the receipts exceed this threshold, the institution would need to apply for exemption under a different subsection.
Pre-School Education: Pre-school education is considered part of the broader educational activities covered by this section. There is no specific exclusion for pre-schools, so they are eligible if they meet the criteria.
In summary, pre-schools that operate on a not-for-profit basis and meet the other conditions of Section 10(23C)(iiiad) can claim the income tax exemption.
To be eligible for exemption under Section 10(23C)(iiiad), an educational institution must meet certain criteria. First and foremost, it must be approved by the government of India. Additionally, the institution must be a non-profit organization, which means that its primary objective must be the promotion of education rather than making profits.
12A registration and 10B and 10BB not required.
The exemption under Section 10(23C)(iiiad) of the Income Tax Act, 1961, can cover pre-school education, provided the institution meets the following criteria:
Educational Purpose: The pre-school must exist solely for educational purposes. As long as the institution's primary objective is to impart education and it does not operate for profit, it can qualify for the exemption.
Not-for-Profit: The institution should not have a profit motive. Any surplus generated should be used towards educational purposes and should not be distributed to the members or stakeholders of the institution.
Gross Receipts Threshold: The annual gross receipts of the pre-school should not exceed ₹5 crore (₹50 million). If the receipts exceed this threshold, the institution would need to apply for exemption under a different subsection.
Pre-School Education: Pre-school education is considered part of the broader educational activities covered by this section. There is no specific exclusion for pre-schools, so they are eligible if they meet the criteria.
In summary, pre-schools that operate on a not-for-profit basis and meet the other conditions of Section 10(23C)(iiiad) can claim the income tax exemption.
09 August 2024
10B and 10BB not required replied see above.
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