12 February 2018
A EDUCATIONAL INSTITUTE HAVING GROSS RECEIVED RS 1.55 CRORE HAS MAINTAINED TWO COLLEGE RECEIPTS OF ONE COLLEGE RS. 80 LAKHS AND SECOND COLLEGE RS. 75 LAKHS AND THIS HAS NOT REGISTERED U/S 12 A AND ALSO NOT TAKEN PERMISSION U/S 10(23)(C) FROM CIT IN FINANCIAL YEAR 2016-17. MY QUESTION IS: 1. THIS INSTITUTE COVERED IN 10(23C)iiiad because received of individual institution is less than one crore. 2. if not covered then audit report in which form has to be filled. 3. can AOP filed ITR on presumptive basis u/s 44AD.
12 February 2018
1 Not covered u/s 10(23C)iiiad total receipt exceed 1 crore. 2 Tax audit applicable as total receipt exceed 1 crore. 3 44AD not applicable to AOP.
13 February 2018
A EDUCATIONAL TRUST CAN FILE ITR-5 WITH TAX AUDIT. BUT TAX AUDIT IS APPLICABLE ONLY FOR BUSINESS ENTITY. HERE THIS TRUST HAS NOT ENGAGE IN ANY BUSINESS ACTIVETY. CAN FILE ITR-7 WITH OUT TAX AUDIT AND SHOWN SURPLUS AS OTHER INCOME .
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