Hi
My client is having a dance promotion society and it organizes competition for the dance from various other small groups or academies. They charge event attandance fee from these participants. Then dance competetion is held.
Nothing is taken out of the society as profit or any salary to the members of the society. They usually have surplus from the participants and the expense on the tournaments
I believe it is tax exempt activity as for the advancement of the music and dance. It is covered under Society Audit. My question is if it required audit under Income tax and also exemption under which section of the income tax. Thanks in advance for the replies.
CAclubindia
