School Audit

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Bhavesh (Querist)
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31 January 2011 Sir,

a school registered under societies Act but not registered under Income Tax Act u/s 10(23)C (Form No:56)

1) What are the applicable tax rates?
2) Whether the Audit is compulsory or Not?
3) Form of Audit Report? (10BB or 3CB/3CD)
4) Form of ITR? (ITR-4 /ITR-7)

Thank you.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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31 January 2011 a school registered under societies Act but not registered under Income Tax Act u/s 10(23)C (Form No:56)

1) What are the applicable tax rates?

Rates as applicable to individual.

.

2) Whether the Audit is compulsory or Not?

.

Audit is compulsory as it is registered with the Societies Act.

.

3) Form of Audit Report? (10BB or 3CB/3CD)

.

No form is prescribed.
.
However; it is advised to use the Audit Form of Charity Commissioner's Form applicable to your state.

.

4) Form of ITR? (ITR-4 /ITR-7)

.
ITR 7.

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