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
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Assessement of society
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
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