Assessement of society

Dear Friend,
There is a society which is registered under society registeration act 1860 but not under Sec 12A & 80G of Income Tax Act.This society is providing education & computer classes.
Issue-1 : In which status it will be assessed ?
Issue-2:  Whether Exemption limit of 1,60,0000 will be applicable ?
Issue3: Requirement of Tax audit?
Issue4: ITR Form No?
Issue5: If trustee has purchased some assets from his personal A/c then whether this amount will be taxable?
Issue6: Whether return will be filed online or manual
Issue7:whether in Accounts Fixed assets purchased by Trustee will be shown as Corpus or otherwise

 please guide me in this matter 

Replies (2)

https://sma.net.in/Archives/trusts.html

Answer:

Issue1 :As a Trust  because educational so Exemption u/s 10(23C)(iiiad) can be claimed if Receipts are less than Rs 1 crore 1

Issue 2:Yes if There is Surplus then Exemption limit will be applicable

Issue3:If Receipts without giving exemption u/s 10(23C)(iiiad) are more than Rs 160000 then Tax audit is Required.

Issue4: Form No ITR-7

Issue5 :It will be shown as sundry Creditors No Taxability

Issue6:Manual Return

Issue7:You can show it under the head sundry creditors

Regards

Ankit Singhal

Mobile No 9911424811

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details
Company
16 September 2026
Internal Audit - Team Lead

Consulting & Beyond

Chennai

CA

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
ARTICLESHIP 07 September 2026
CA Articles

Kothari Jain Patil & Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
29 September 2026
Work at home

Lottery.sambad.tv

Bhopal

Others

View Details