Society running a school
This query is : Resolved
08 August 2007
1. Tax Liability and Tax Slab (Gross Receipts including donation is around Rs. 10 Lacs)
2. Whether Audit is compulsory
3. Whether Filing of return is complusory if net surplus is less than Rs. 1 Lacs
2. Whether Audit is compulsory
3. Whether Filing of return is complusory if net surplus is less than Rs. 1 Lacs
09 August 2007
The first thing required is the registration u/s10 & 12A..
Audit is compulsory both under provisions of Income Tax & Society
Filing of return is complusory if "net surplus" is less than Rs. 1 Lacs....the surplus means net receipt less expenditures..
You have to file return in order to justify that net receipts are exepted to be included as income.....
Audit is compulsory both under provisions of Income Tax & Society
Filing of return is complusory if "net surplus" is less than Rs. 1 Lacs....the surplus means net receipt less expenditures..
You have to file return in order to justify that net receipts are exepted to be included as income.....
09 August 2007
Thanx for ur reply, but There is a confusion with section 10 (23)(iiiad) and (iiiae) which say that income of other educational institution is exempt if their annual receipts are below a limit i.e. Rs. 1 Crores. And registration is required u/s 10 (23C) (iv) (v). However, it falls u/s 10(23)(iiiad)
11 April 2008
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