Opening a pre school- franchisee for kid zee

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2019 Dear Friends,
I am looking to sep up a play school , with franchisee of Kid Zee.
Can any one help me for formation of the school, should i operate the franchisee under proprietorship, Firm or any other education society for the purpose of income tax and all other relevant applicable law

CA R SEETHARAMAN online

CA R SEETHARAMAN online

(Expert)
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10 January 2019 Start as proprietorship. No income tax upto 1crore gross receipts. Take licence from local authorities.

Querist : Anonymous

Querist : Anonymous (Querist)

11 January 2019 Thanks for your advice.
will it be under presumptive income receipts.
but as per the law governing the pre-schools, it is compulsory required audit of accounts. so how to claimed presumptive income benefit

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CA R SEETHARAMAN online

CA R SEETHARAMAN online

(Expert)
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14 January 2019 Schools are exempt under section 10(23c(iiiad) upto 1 crore no audit required.